Dubai International Financial Centre (DIFC) has dipped in to its $100 million Fintech Fund to invest in four startups, FlexxPay, Go Rise, NOW Money and Sarwa.
Established in 2019, and managed by Wamda Capital and Middle East Venture Partners, the fundund is designed to help grow startups seeking access to the Middle East, Africa and South Asia (Measa) region.
Commenting, Arif Amiri, chief executive officer, DIFC Authority says: “Our position as one of the world’s top ten fintech hubs is strengthened by making investments in start-ups. 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.”
The four startups to benefit from the prize pot, include: FlexxPay, a cloud-based B2B fintech employee benefits platform allowing instant access to earned income; Go Rise, which is building a platform to help migrants get access to a full suite of financial services; NOW Money, a provider of 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 robo-advisory wealth management firm Sarwa.
Each of the firms was singled out from a beauty parade conducted alongside rival applicants. Amiri says more applications will be evaluated and further investments will be made by the fund over the coming months.