The company was founded in 2019 and has offices in Abu Dhabi, Dubai, and London, and will use the funds to expand its team and presence internationally.
The UAE is one of the largest remittance markets in the world, with payments exceeding USD 47 billion in 2021, with most of the funds being redirected to fast growing mobile money markets like Bangladesh, India, Pakistan, and the Philippines. Leveraging its EMI license, Hubpay aims to tackle a portion of these funds and become a preferred cross-border e-money remittance service for people working in UAE and surrounding regions.
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