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DIFC invests in four startups as part of $100 million fintech fund

DIFC startups
The authority seeks to support companies looking to expand into the Middle East, Africa and South Asia

Dubai International Financial Centre (DIFC) Authority has invested in four fintech startups as part of its $100 million fintech fund. The authority seeks to support companies looking to expand into the Middle East, Africa and South Asia, media reports said. 

The startups include FlexxPay, Go Rise, NOW Money and Sarwa. They received pre-series A to series A funding from DIFC, media reports said. 

Arif Amiri, chief executive officer, DIFC Authority, told the media, “Our position as one of the world’s top ten fintech hubs is strengthened by making investments in startups. 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.”

FlexxPay is a cloud-based B2B fintech employee benefits platform; Go Rise is helping migrants get access to financial services; NOW Money is a payroll services provider for Gulf-based companies and accounts with physical debit card and remittance options for low-income workers, and Sarwa is a robo-advisory wealth management firm. 

It is reported that the four fintech startups had applied for funding. They were selected after a  comprehensive review carried out by DIFC.

DIFC in a statement said, “More applications will be evaluated and further investments will be made by the fund to be announced within a short period.”

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