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RIYADH: UAE-based digital wallet provider Hubpay has raised $20 million in a Series A round.
The funding will be used to hire new employees, and for the company’s planned international expansion in 2022 with a focus on Asia and Africa, Magnitt reported.
The funding was led by US-based telecommunications firm Signal Peaking. Investors including Olive Tree Capital, BECO capital, Stormbreaker, and Emkan Capital also contributed to the round.
Founded in 2019, Hubpay is an e-wallet that aims to facilitate the process of money transfers on a domestic and international level.