DIFC invests in innovative FinTech start-up companies

Business Bureau, Gulf Today

Dubai International Financial Centre (DIFC), announced that it has invested in four FinTech start-up companies. The investment reflects the DIFC’s commitment to driving the future of finance and is part of the $100 million FinTech Fund launched in 2019 to help establish, grow and upscale start-up and growth stage FinTech companies seeking access to the 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.

To scale up the four FinTech businesses, DIFC FinTech Fund invested in “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, helping them get access to the full suite of financial products in domicile as well as home country; “NOW Money” provides 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.

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 those we have announced today.”