UAE-based FinTech platform Rise, which offers financial products and services for modest-income migrant workers, has raised over $1m to expand in the GCC.
The funding round was led by Middle East Venture Partners (MEVP), in partnership with the Dubai International Financial Centre FinTech fund, Silicon Valley-based 500 Startups, Khwarizmi Ventures and Phoenician Funds, reported The National.
Rise co-founder Mr Milind Singh declined to reveal the exact amount of funds raised except to say that it is a seven-figure investment
Rise, founded in 2017, plans to use the funds to expand its team, develop its financial products and services and expand to Saudi Arabia and Bahrain. Its mission is to draw the 25m migrants working in the GCC into the financial services network.
Mr Ankit Sarwahi, associate director at lead investor MEVP, said, “Rise is building the world’s first financial institution for migrants and it is doing so through technology and innovative partnership models. The GCC generates $150bn in migrant income and Rise is fundamentally re-organising how this income has been managed historically.”
Mr Singh and Ms Padmini Gupta, co-founder and chief executive of Rise, founded Rise with a focus on domestic helpers, but the platform has since expanded to serve other segments of the UAE’s migrant population.
The products Rise offers include bank accounts that don’t require a minimum balance or salary, remittances, insurance products and consumer loans in both the UAE and migrant customers' home countries.
In 2019, among other developments, Rise launched an insurance product for domestic helpers in the UAE on a “freemium” basis with AXA Gulf.