Hubpay, a digital wallet for remittances, has secured seed investment led by American venture capital firm Signal Peak Ventures.
Using the fresh infusion, Hubpay intends to facilitate the roll-out of its wallet in the Middle East.
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Signal Peak was joined by UAE angel investment group the Falcon Network in the fundraising.
Hubpay founder and CEO Kevin Kilty said: “The UAE represents Hubpay’s first market launch, as part of a wider strategy to offer the leading digital wallet for the remittance community across the Middle East and Asia.
“In a post Covid-19 world, the digitalisation of remittances will accelerate, creating better access and supporting financial inclusion for the international remittance community.”
Hubpay aims to introduce a digital wallet for senders and receivers to support the remittance as well as mobile money markets.
Currently, the firm is in the advanced stages to obtain a money services licence in the UAE. Moreover, it is part of the Visa Fast Track programme.
Signal Peak managing partner Brandon Tidwell said: “Hubpay represents Signal Peak’s first investment in the Middle East.
“We recognise the enormous potential the market has and have great confidence in Hubpay’s team to capitalise on this unique opportunity.”
The UAE is ranked as the third-largest market for remittances across the world. The market accounted for $44bn of payments last year.
