Riyadh - Sharikat Mubasher: UmrahCash, a fintech startup based in Riyadh, successfully secured investments worth $500,000 from the venture fund Adaverse to revolutionize the Umrah experience for pilgrims and address the financial challenges facing them.
This investment will fuel UmrahCash’s plans to expand its services to West Africa and other emerging markets with similar economic challenges, such as Pakistan and Bangladesh, a recent statement revealed.
UmrahCash utilizes technology to enable pilgrims, particularly those from developing countries, to access Saudi riyals in Makkah, Madinah, and Jeddah seamlessly. It helps pilgrims make payments in their home countries and receive Saudi riyals upon arrival in the Kingdom.
The UmrahCash application facilitates this process by gathering liquidity providers, agents, and pilgrims for a comprehensive solution to the Hajj and Umrah currency exchange.
William Phelps, Founder and CEO of UmrahCash, emphasized the company’s commitment to providing a seamless, secure, and inclusive financial solution for pilgrims.
“With Adaverse's support and their expertise in Web3 technology, we can leverage cutting-edge solutions to ensure that every pilgrim, regardless of their financial background or country of origin, can access the capital they need without the risks and inefficiencies of traditional methods,” Phelps said.
For his part, Vincent Li, Founding Partner of Adaverse, stated that the company’s investment in UmrahCash reflects its belief in the power of stablecoins and Web3 technology to provide seamless, secure, and transparent financial services for pilgrims.
By aggregating existing financial flows with a user-friendly technology interface, UmrahCash's infrastructure offers security and transparency, benefiting users and regulators alike.
It is worth noting that Saudi Arabia has invested more than $1.3 billion to upgrade infrastructure in holy sites to realize Vision 2030’s goal of hosting 30 million pilgrims by 2030.
