DIFC announces investment in FinTech startup companies

By Edil Corneille

Dubai International Financial Centre (DIFC) announced that it has invested in 4 FinTech startup companies – FlexxPay, Go Rise, NOW Money and Sarwa. The investment is part of the USD 100 million FinTech Fund launched in 2019 to help establish, grow and upscale startup and growth-stage FinTech companies seeking access to the MEASA markets.

Arif Amiri, Chief Executive Officer, DIFC Authority stated, “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. 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.”

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.

Michael Truschler, CEO, FlexxPay said, “We are grateful to receive the trust and confidence from DIFC’s FinTech Fund, and we look forward to offering our services as a technology provider to the wider business community in the region. We strongly believe that in the near future everyone will have access to their earned income whenever they want…”

Padmini Gupta, CEO, Go Rise elucidated, “We are excited to be partnering with DIFC and MEVP in building a unique global migrant banking platform. Migrants in the GCC earn USD 150 billion a year and we are helping them better manage that income through partnerships with institutions regionally and in migrant home countries. Migrants represent one of the region’s biggest assets and in Go Rise we want to build the global migrant financial services leader.”

DIFC is home to the FinTech ecosystem in the region and has mentioned that it is continuing to deliver upon the Centre’s blueprint for diversifying and transforming the financial services industry.