Hubpay

What is Hubpay?

Hubpay is a UAE-regulated global payments platform designed specifically for businesses operating from the United Arab Emirates. Founded in September 2019 by Kevin Kilty, the company became the first startup licensed in the UAE for digital money services, obtaining a Category 3C Electronic Money Institution permission from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), Permission No. 190024.

The platform enables UAE businesses to send and receive payments in more than 150 currency pairs, manage treasury operations, pay global employees, and accept payments via cards or bank transfers. Having processed over $2.6 billion in trade payments, it serves companies ranging from startups to large enterprises across industries including construction, automotive, healthcare, commodities, and e-commerce.

Key Features

Multi-Currency Account

• Hold and manage funds in 150+ currency pairs from a single wallet
• Real-time FX rates with competitive spreads
• Instant currency conversion
• No minimum balance requirements
• Digital wallet for multiple currency holdings

Virtual IBANs

• Named virtual IBANs in your company's name
• Available in major currencies: AED, USD, EUR, GBP, AUD, and CAD
• Receive local and international payments directly
• Reduces the need for overseas bank accounts
• Simplifies cash flow management and can lower international transaction costs

Corporate FX & Treasury

• Real-time exchange rate quotes in the app
• Forward contracts, derivatives, and market orders for FX risk management
• FX hedging tools to protect against currency volatility
• Transparent pricing with no hidden fees
• T+1 settlement speeds for most payments

Global Payroll

• Pay employees and contractors in 85+ countries
• Bulk payroll processing via file upload
• Local payout rails to avoid unnecessary SWIFT costs where local rails are available
• WPS and non-WPS payment support
• Compliant international payroll execution

Payment Links

• Regulated payment link solution for UAE businesses
• Accept card payments and bank transfer payments
• Payment links settle directly into the business account
• Available on higher-tier business plans
• Useful for invoices, online sales, and one-off collections

Africa-UAE Trade Corridor

• Collect & Remit solution for Africa-UAE trade
• Payments from African entities to UAE
• Support for commodities, electronics, and trade finance
• Coverage across East and West Africa

Pricing & Plans

The platform offers tiered pricing for businesses of different sizes. All published monthly prices are subject to 5% VAT, and all plans include no minimum balance requirement plus a 30-day free trial for new customers.

Starter Plan - AED 99/month (~$27)

• For startups and small businesses
• Dirham account with AED IBAN
• Receive payments locally across the UAE
• Make local payments across the UAE and international payments in 85+ countries
• $30,000 monthly volume limit
• Access to 40+ currencies
• 2 users per account
• International payment fee: AED 26
• Local payment fee: AED 5

Scale Plan - AED 299/month (~$81)

• For medium-sized businesses
• Multi-currency account in 30+ currencies, including AED, USD, EUR, and GBP
• $200,000 monthly volume limit
• Payment links for card collections
• IBANs in AED, EUR, GBP, AUD, USD, and CAD
• 145+ currencies supported
• 40+ additional currency wallets
• Unlimited users
• International payment fee: AED 52.50 (SHA) or AED 65 (OURS)
• Local payment fee: AED 5

Treasury Plan - Custom Pricing

• For larger enterprises
• Minimum $300,000 monthly FX volume
• Forward contracts and market orders
• Payment links for card collections
• Dedicated relationship manager
• Unlimited users
• International payment fee: AED 52.50 (SHA) or AED 65 (OURS)
• Local payment fee: Free

Account Setup Fees

The company now promotes digital onboarding within 24-48 hours rather than publishing the older Express, Standard, and Saver setup fee table. Account approval still depends on business verification, ownership checks, and the documents supplied during onboarding.

Transaction Fees

• FX spread applied to market rates, varies by currency pair
• Transaction fees displayed at point of payment
• No hidden fees
• International payment fees apply by plan
• Local payment fees are AED 5 on Starter and Scale, and free on Treasury

30-day free trial available on all plans for new customers

Who Is Hubpay For?

Ideal Users:

• UAE-registered businesses expanding globally
• Mainland, free zone, DIFC, and ADGM entities
• Non-resident free zone companies and offshore-structured entities with UAE business needs
• SMEs and startups needing fast account opening
• Import/export companies requiring multi-currency management
• Businesses with international suppliers or clients
• Companies paying global contractors and employees
• Real estate, shipping, and commodities traders
• E-commerce businesses accepting international payments
• Freelancers and consultants with global clients (personal app available)

Industries Served:

• Building & construction materials
• Automotive
• Healthcare supply chain
• Industrial solvents
• Electronic appliances
• Perfumes & cosmetics
• Commodities trading
• Professional services

Not Suitable For:

• Businesses without a UAE structure or UAE business requirement
• Companies needing traditional banking services such as loans or credit lines
• Cash-heavy businesses requiring physical branch access
• Personal banking for non-UAE residents

Personal Remittance App (Hubpay+)

For individuals in the UAE, the company offers a personal remittance app:

• Zero-cost international transfers to select corridors
• Competitive exchange rates
• AED 50,000 standard sending limit, with higher limits available
• Requirements: Emirates ID, UAE mobile number, email, bank account or debit card
• No maintaining balance or account fees
• Referral bonus: AED 10 for both parties

Supported Destination Countries: Philippines, Pakistan, India, Bangladesh, Indonesia, Italy, Canada, UK, and 40+ more

Security & Compliance

Regulation

• License: FSRA Category 3C Electronic Money Institution permission
• Permission No.: 190024
• Regulator: Financial Services Regulatory Authority (FSRA)
• Jurisdiction: Abu Dhabi Global Market (ADGM)
• Registration: Company #000004051
• First independently regulated fintech in UAE for cross-border and local payments

Security Features

• ISO/IEC 27001:2022 certified (Information Security Management System)
• Certified by Prescient Security
• Bank-grade security infrastructure
• Two-factor authentication (2FA)
• Approval policies and access controls
• Grant Thornton audited financials

Compliance

• Strict KYC (Know Your Customer) protocols
• AML (Anti-Money Laundering) compliance
• Real-time transaction monitoring
• FSRA regulatory reporting

Onboarding Process

1. Submit Application: Fill out online registration (paperless)
2. Document Verification: Provide required business documents
3. KYC Review: Identity and business verification
4. Account Activation: Digital onboarding is advertised within 24-48 hours, subject to review
5. Start Transacting: Fund account and begin payments

Required Documents (Business Account):

• Trade license/commercial registration
• Memorandum of Association
• Passport copies of shareholders/directors
• Proof of address
• Bank reference letter (in some cases)

Pros & Cons

Pros

• Regulation: FSRA-regulated in ADGM under Category 3C Electronic Money Institution permission
• Currency coverage: 150+ currency pairs supported
• Fast onboarding: Digital onboarding advertised within 24-48 hours
• Balance requirements: No minimum balance requirement
• IBAN access: Virtual IBANs in multiple major currencies on Scale and Treasury plans
• Global payroll: Pay staff and contractors in 85+ countries
• Treasury tools: Forward contracts and market orders available on Treasury
• Security: ISO/IEC 27001:2022 certified
• Support: Dedicated relationship manager on Treasury
• UAE fit: Supports mainland, free zone, DIFC, ADGM, non-resident, and offshore-structured entities

Cons

• Geographic focus: Business accounts are built around UAE-registered companies and UAE business structures
• Monthly fees: Paid plans start at AED 99/month, before 5% VAT
• Volume caps: Starter and Scale plans have monthly volume limits
• Starter limits: Starter only includes an AED IBAN
• Payment costs: International payment fees apply on all plans
• FX pricing: FX spreads vary and aren't publicly listed
• Product scope: Limited to business payments and related account services, with no consumer lending products
• Market age: Newer platform compared to established providers like Wise, Payoneer, and Airwallex

Company Information

• Founded: September 2019
• Founder & CEO: Kevin Kilty
• Headquarters: 15-116, WeWork Hub71, Al Khatem Tower, ADGM Square, Al Maryah Island, Abu Dhabi, UAE
• Additional Offices: Dubai, London (UK), Karachi (Pakistan)
• Funding: $20 million Series fundraising
• Key Investors: Signal Peak Ventures, Olive Tree Capital, BECO Capital, Stormbreaker, Emkan Capital, Aditum, MetLife
• Volume Processed: $2.6 billion+
• Employees: 51-200
• Recognition: UAE Future100 list (Ministry of Economy initiative)

Key Milestones

• 2019: Founded; applied for first UAE fintech license
• 2020: First startup to receive Category 3C license in UAE
• 2021: Launched cross-border digital wallet with zero-cost remittances
• 2022: Raised $20 million Series funding; expanded to Asia and Africa
• 2023: Launched Africa Collect & Remit solution for UAE-Africa trade
• Recent: Expanded business payments with global payroll, payment links, forward contracts, and market orders

Conclusion

The platform fills an important gap in the UAE fintech market by offering a global payments service tailored to local businesses. Its combination of multi-currency accounts, virtual IBANs, global payroll, payment links, and treasury tools makes it a strong alternative to traditional banks for UAE-incorporated companies that need cross-border payment operations.

For businesses comparing alternatives, Wise may suit smaller international transfers, Payoneer is common for marketplace and freelancer payouts, Airwallex offers broad business payment infrastructure, and WorldFirst is another option for cross-border business payments. Companies that need UAE-regulated accounts, AED payments, local entity support, and FSRA oversight may find this service a better fit than a general global provider.

This information is for educational purposes and does not constitute financial advice.