As many fintech firms scurry for the highly sought-after unicorn valuation, a startup in UAE is operating with a distinct strategy – growing the status of the firm by increasing global presence and establishing a user base that cuts across countries and continents.
Xare, from its unassuming Dubai office, is letting the unicorn status come naturally by focusing on extending its user base way past the over 500,000 it has already acquired across 120 countries in just half a year since it first launched in January.
Xare’s platform offers what it calls ‘shared spending’, a service that allows families to share costs and better sync their financials, whether within the same location or across borders. In six months, Xare claims to have processed remittances worth over $50 million and has a goal to reach US$500m by year-end.
“The Xare app was in the top five in seven different countries since launch – which is a rarity – it never happens in the financial technology segment. Fintech apps are mostly single market [in the beginning], and therefore for us to be in the top five across so many countries in such a short span is amazing,” Milind Singh, co-founder of Xare told Arabian Business.
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