The Middle East and North Africa-focused fintech Hubpay has announced it has closed a $20 million Series A fundraising round and has also launched a cross-border digital wallet with no-cost remittances to drive financial inclusion across the region.
Signal Peak Ventures led Hubpay’s most recent funding round, its first investment in the Arabian Gulf, with participation by Olive Tree Capital and BECO Capital as well as early-stage investors Stormbreaker, Emkan Capital and Aditum.
Hubpay, the first startup licensed in the United Arab Emirates for digital money services, will use the fresh capital to hire more employees and continue its international expansion, particularly in Asia and Africa in 2022. The company has offices in Dubai, Abu Dhabi, Karachi and London.
The company has “multiple products in the pipeline,” the company announcement says.
