Rise, the Dubai-based FinTech startup with a social cause, has raised hefty seven-digit funding from several investors. While the exact details are not known, the company has acknowledged that the funding came from Middle East Venture Partners (MEVP), Dubai International Financial Center (DIFC) FinTech Fund, 500 Startups, Phoenician Funds, and Khwarizmi Ventures.
The yield from the fund will help Rise to expand its team, while simultaneously developing its various financial products and services. Additionally, the startup also plans on key GCC markets including Bahrain and Saudi Arabia.
For those unfamiliar with the company, Rise was launched with the founding principle of democratizing financial services for the modest-income migrant population in the Arab world.
Among its target customers are 25 million migrants currently working in the GCC. The company’s suite of services includes “no minimum balance” bank accounts, consumer loans, remittances, and various insurance products. Since its launch in 2018, Rise has grown nearly 50% month-on-month.
“Our strategy is to facilitate a migrant to have access to a financial institution as streamlined and as on-demand as it is for any other resident. We integrate various financial products and customize them for the migrant. Our partners, investors and our team at Rise realize the enormous opportunity that exists as key players in this financial arena,” said Milind Singh, Co-Founder & CPO, at Rise.