Fintech Friday: Hubpay
Kevin Kilty, CEO and Founder at Hubpay, spoke with Efma’s Boris Plantier about his company’s mission to create financial inclusion for the remittance community.
What led to the creation of Hubpay?
My background is banking but I have also spent quite a bit of time as a pro-bono consultant in the microfinance space, so I understand how vital remittances are to communities in emerging markets.
The Gulf market provides a unique opportunity. It is the largest remittance market in the world, sending out more money than the USA. The majority of these remittance flows go to the fastest growing mobile money markets in the world; India, Pakistan, Philippines, Bangladesh, and Indonesia. The remittance channels provide a direct route to the $3trn digital wallet market across Asia.
However, the current model is customers paying physical cash into exchange houses and the recipients collecting physical cash out at the other side.
I thought a digital wallet solution would not only lower the cost and improve the efficiency but crucially provide the sender and the recipient of remittances access to mobile money and financial inclusion!
Could you present Hubpay’s offer?
Hubpay is the digital wallet for the remittance community. Starting in the UAE, Hubpay will launch its digital wallet in the summer of 2020, enabling a fully digital remittance solution with international bill payment functionality.
Starting with the Philippines and India as remittance destinations, Hubpay will be the lowest cost remittance solution in the market.
What’s coming next for Hubpay?
The UAE represents Hubpay’s first market launch, as part of a wider strategy to offer the leading digital wallet for the remittance community across the Middle East and Asia. In a post Covid-19 world, the digitalization of remittances will accelerate, creating better access and supporting financial inclusion for the international remittance community. Hubpay, whose Seed round is being led by Signal Peak Ventures (www.spv.com), a leading US venture capital firm, is in a unique position following its acceptance into the Visa Fast Track program, enabling Hubpay to leverage Visa’s payment infrastructure and further scale the business.