UAE FinTech platform Rise raises over $1 million for GCC expansion – The National

UAE FinTech platform Rise raises over $1 million for GCC expansion – The National

UAE FinTech platform Rise raises over $1 million for GCC expansion. UAE FinTech platform Rise, which offers financial products and services for modest-income migrants, raised over $1 million (Dh3.67m) to expand within the GCC.. Rise, founded in 2017, plans to use the funds to expand its team, develop its financial products and services and expand to Saudi Arabia and Bahrain.. Its mission is to integrate the workforce of the 25 million migrants in the GCC into the financial services network.. "Rise is building the world's first financial institution for migrants and it is doing so through technology and innovative partnership models.. According to the World Bank, the Emirates saw the second-highest amount of outward remittance in the world after the US in 2017.. Ms Gupta and Mr Singh, who are husband and wife, initially founded Rise with a focus on domestic helpers, but the platform has since expanded to serve other segments of the UAE's migrant population.. The products Rise offers include bank accounts that don't require a minimum balance or salary, remittances, insurance products and consumer loans in both the UAE and migrant home countries.. Last year Rise launched an insurance product with Axa, cross-border unsecured loans in the