Xare is a technology company.
Xare has raised $3.0M across 1 funding round.
Xare has raised $3.0M in total across 1 funding round.
Xare is a Dubai-based fintech company founded in 2021 that operates the world's first credit and debit card sharing platform, enabling income earners to share financial access with dependents without transferring money.[1][2][4] It serves over three million users across 175+ countries, targeting income earners (one-third of the global population) who support non-earners (two-thirds), addressing the problem of financial exclusion for dependents who spend nearly $25 trillion annually but lack direct access to banking products.[1][3][4] By allowing users to create virtual cards linked to their own credit or debit cards—with customizable spending limits, controls, and one-click global checkout—Xare eliminates costly remittances and bank transactions, powering seamless shopping at millions of stores worldwide, including UPI support in India.[1][5]
The platform's growth momentum is strong, evolving from a remittance disruptor to a global network redefining "money as social," with features like instant card sharing via phone number (no bank account needed) and broad accessibility across age groups and income levels.[1][3][5]
Xare was founded in January 2021 in Dubai, UAE, by a multi-disciplinary team with expertise in banking, technology, and consulting, driven by the insight that traditional financial products serve only income earners while ignoring the two-thirds of the world that relies on them.[1][3][4] The idea emerged to "reclaim the soul of banking for everyone" by bridging this gap, starting as a solution to disrupt remittances but quickly expanding into a comprehensive card-sharing platform.[1][4] Early traction came from its UAE roots, aligning with the nation's financial innovation agenda—retaining funds in local banks, promoting decentralized finance, and supporting humanitarian goals—while scaling globally to millions of users.[1][2]
Pivotal moments include rapid user adoption to three million across 175+ countries and recognition in lists like Entrepreneur Middle East's Future 100, humanizing finance through shared access.[1][3]
Xare rides the wave of financial inclusion and decentralized finance (DeFi), capitalizing on the $25 trillion spending power of non-income earners amid rising global remittances (projected to hit $800B+ annually) and digital wallet adoption.[1][4] Timing is ideal post-2021, with UAE's fintech hub status providing regulatory tailwinds for cross-border innovation, while market forces like high remittance fees (6-7% average) and unbanked populations (1.4B adults) favor its no-transfer model.[1][2] It influences the ecosystem by pioneering "social money," inspiring peer-to-peer fintech shifts, retaining liquidity in local economies (e.g., UAE banks), and advancing equitable access, positioning Dubai as a global fintech leader.[1]
Xare is poised to expand its three-million-user base toward a "billion banks" vision, integrating AI-driven controls, broader payment rails, and enterprise features for businesses sharing with employees or partners.[1][4][5] Trends like embedded finance, Web3 social tokens, and rising dependent economies (e.g., aging populations, gig worker families) will accelerate growth, potentially capturing remittance market share from incumbents. Its influence may evolve into a foundational layer for global payments, further embedding UAE's role in humanitarian fintech—ultimately making money truly social for billions. This builds on Xare's core promise: empowering the overlooked two-thirds through shared access.[1][4]
Xare has raised $3.0M in total across 1 funding round.
Xare's investors include Abstract Ventures, Bond, Comcast Ventures, Felicis Ventures, Fifth Wall, Moderne Ventures, MS&AD Ventures, NFX, Propel Venture Partners, Sinai Ventures, Vine Ventures LP, Louis Beryl.
Xare has raised $3.0M across 1 funding round. Most recently, it raised $3.0M Seed in May 2021.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| May 1, 2021 | $3.0M Seed | Abstract Ventures, Bond, Comcast Ventures, Felicis Ventures, Fifth Wall, Moderne Ventures, MS&AD Ventures, NFX, Propel Venture Partners, Sinai Ventures, Vine Ventures LP, Louis Beryl, Oren Dobronsky |