Dubai-based financial technology (fintech) startup Rise, has raised an investment round led by Middle East Venture Partners (MEVP) in partnership with Dubai International Financial Centre (DIFC) Fintech Fund, 500 Startups, Khwarizmi Ventures and Phoenician Funds. The investment amount was not disclosed.

Rise, which provides financial services for the GGC’s modest-income immigrants will use the funding to expand its team, develop its offerings and expand to Bahrain and Saudi Arabia.

“The investment response we have received has been gratifying and affirming…At Rise, we offer a one-stop solution of all financial services for the underbanked at a fraction of the cost across international boundaries with zero entry levels,” said Padmini Gupta, founder and chief executive officer (CEO) at Rise. “Around the world, migrants’ remit around $650 billion to their families back home and see this as a great opportunity for us.

Founded in 2017, Rise offers a “no minimum balance” bank account, remittance transfers, consumer loans in both the UAE and migrant home countries as well as bespoke insurance products. Since its launch in 2018, the platform has grown more than 50 per cent month-on-month and plans to bring its services to over a million migrants in the next two years, targeting migrants from Indian, Philippines, Bangladesh and Pakistan.

“Rise is building the world’s first financial institution for migrants and they are doing so through technology and innovative partnership models,” said Ankit Sarwahi from MEVP. “[The] GCC generates $150 billion in migrant income and Rise is fundamentally re-organising how this income has been managed historically.”