Rise, a Dubai based fintech organization, currently said to raise around $1.4million in a round led by the middle east venture partners. This Dubai based fintech company provides financial services to migrants with low-income in the Gulf. Rise has teamed up with one of Pakistan’s leading eCommerce platforms HomeShopping.pk. Both companies have launched a buy now service for all the overseas Pakistanis residing in the United Arab Emirates.
This is the very first time when Rise has partnerships in such an agreement. This partnership will enable overseas Pakistanis living in UAE as well as rest of the Gulf, to purchase anything online including mobile phones, home appliances, laptops, and watch in (AED) installments and have the product(s) to their loved ones in Pakistan.
“Buy Now, Pay Later propositions have to date only been available for purchases locally and migrants have largely had no access to such means,” said Rise in a statement.
You can find these products on a newly made section available on Rise’s website where users can easily browse them. Users need to signup for an account and on instant approval can make their purchases.
When taking a quick scan of the website, you can find out that currently, Rise’s financing service is only available for those who are Rise’s members or have been pre-approved by the platform for this financing. For those who are not pre-approved either must be invited by someone who is or request approval by getting on the waitlist.
All the purchases, the website suggests, will include a one-time processing fee and interest from 10 to 20 percent depending on the buyer’s profile. The purchases are delivered by HomeShopping.pk.
“Pakistan has one of the largest diasporas in the world, with almost 9 million overseas Pakistanis sending home USD 22 billion every year accounting for 7% of the GDP of the country. This partnership taps into this remittance pool and gives Pakistani migrants the ability to acquire a wide range of durable goods in an affordable manner,” noted the statement by Rise.
The benefit of the current service of Rise for migrant workers does not require any minimum balance or salary etc. in both the UAE and migrant home countries.
Padmini Gupta, the co-founder, and CEO of Rise, commenting on the occasion, said, “From day one, we have set out to democratize access to financial services for migrants. This partnership takes us one step closer to that goal. There are over 3 million Pakistanis living in the Gulf, the vast majority of which have never had the ability to make purchases back home on installments. Today we are changing that.”
Shayaan Tahir, founder, and CEO of HomeShopping.pk said, “We are delighted to expand our reach to bring easy installment purchases for overseas Pakistanis. During these challenging times when our fellow Pakistanis are not able to travel back home, especially for Eid, we are pleased to offer them a means to take care of their loved ones back home.”