By Sandhya D’Mello
Khaleej Times, Dubai, United Arab Emirates
WWR Article Summary (tl;dr) Padmini Gupta’s startup “Rise” aims to build a migrant-centric fintech business to serve the 120 million low-income migrants globally.
Creating access to essential financial services for low income migrants was the single mission of Padmini Gupta, CEO, Rise, which led her to pursue her dreams of empowering the migrants.
“I started Rise to democratize access to essential financial services for low income migrants so they can build a better financial future back home. Beyond financial services, we also help migrants upskill and improve their earning potential through a range of free resources and hiring tools for our customers — our growth platform,” said the graduate from Oxford.
Padmini opines that over the next two decades, more than 25 million migrants who work in the GCC will return home.
“Our objective is to build financial resilience for that future. As a result, we launched Rise in June 2017 which primarily focused on our growth platform and aid in upskilling domestic helpers. In addition, we created localized Facebook groups to help maids connect with each other to discuss shared challenges they face in their daily lives and workplaces. Subsequently, we launched our financial services in 2017.”
The firm has grown rapidly — 70 per cent month on month — and offered banking services to thousands of migrants, thereby bringing millions worth of annual incomes that were previously unbanked into the financial fold. The venture’s aim is to build on these accomplishments to develop more services to cater to this large segment of the UAE population who was marginalized by the financial sector.
“We leverage an AI-powered bot which engages more than 20,000 customers a week in chats on their financial future — be it across financial health, opening an account with Rise or financial literacy. This is powered by an AI chat bot over messenger.