DIFC invests in four FinTech start-ups through $100m fund – The National

DIFC invests in four FinTech start-ups through $100m fund – The National

The pre-series A to series A funding of four companies that aim to improve the personal finances of residents across the region were made from the financial free zone's $100 million FinTech Fund, which it first unveiled in 2017 and rolled out last year.. Regional FinTech companies, which focus on lowering fees, reducing transfer times and making finance accessible to all, are set to attract $2.5bn in investment by 2022, according to a study by Mena Research Partners.. Ian Dillon, co-founder of Now Money, which provides payroll services to Gulf-based companies and app-based accounts with physical debit card and remittance options for low-income workers, said the DIFC investment would fund the company's growth and expansion in the UAE and wider GCC.. Padmini Gupta, chief executive of Go Rise, which set up in 2017 and offers migrant workers affordable insurance options, retirement planning and the ability to pay for products in instalments, said the investment would strengthen the company's team and accelerate its delivery of new products for migrant workers.. "We're reimagining migrant financial services, helping 250 million-plus migrants who send home more than half a trillion dollars a year be more in control of their money and build a better