FlexxPay, Go Rise, NOW Money and Sarwa receive funding from DIFC

What's the Deal

Mita Srinivasan
What's the Deal
Published:

FlexxPay, Go Rise, NOW Money and Sarwa receive funding from DIFC

Reinforces the DIFC’s commitment toward FinTech companies through its accelerator programme and fund that drive advancements in the financial services sector

Dubai International Financial Centre (DIFC) has invested in four FinTech start-up companies: FlexxPay, a cloud-based B2B FinTech employee benefits platform allowing instant access to earned income; Go Rise, a unique start-up building a holistic and seamless financial services platform for 250 million global migrants; NOW Money, providing payroll services to Gulf-based companies, and app-based accounts with physical debit card and remittance options for each of their lower-income workers; and Sarwa, a robo-advisory wealth management firm.

The investment reflects the DIFC’s commitment to driving the future of finance and is part of the USD 100 million FinTech Fund launched in 2019 to help establish, grow and upscale start-up and growth stage FinTech companies seeking access to the Middle East, Africa and South Asia (MEASA) markets.

The start-ups who applied for funding were evaluated by the DIFC FinTech Fund. Out of those shortlisted, four were selected for funding after a comprehensive review. As part of DIFC’s commitment to developing the sector, more applications will be evaluated, and further investments will be made by the fund to be announced within a short period.

Commenting on the announcement, Arif Amiri, Chief Executive Officer, DIFC Authority said: “Our position as one of the world’s top ten FinTech hubs is strengthened by making investments in start-ups such as these. The DIFC FinTech Fund accelerates the development of impactful FinTech firms, taking them a step further toward capitalising on the strong growth opportunities available in the region. Through investing and providing the region’s most comprehensive platform, we can drive innovation across MEASA’s financial services sector.”

DIFC is already home to the largest, most developed FinTech ecosystem in the region and is continuing to deliver upon the Centre’s blueprint for diversifying and transforming the financial services industry.