LuLu to invest $3.5m in tech startup Arkin

Abu Dhabi : LuLu Exchange Holdings has announced that it will invest $3.5 million in tech startup Arkin Technologies Ltd.  

LuLu said it plans to take Arkin’s expertise to offer everything from cloud banking, real-time remittances, bills payment and Prepaid MasterCard and VISA, tap payments, prepaid products, API banking and even chat applications to various markets in the region and worldwide. Arkin’s platform is armed with two-factor authentication and one of the highest encryptions in the world. 

“We are excited to announce this partnership with Arkin Technologies Ltd. We do not want to be seen as just investors putting in capital, but as partners with promising startups like Arkin sharing our expertise and leveraging on mutual strengths to offer customers simple and smart digital financial solutions,” said Adeeb Ahamed, Managing Director, LuLu Exchange Holdings. 

Arkin is helmed by Ralph Santos, CEO, who is one of the pioneers in the FinTech industry, having experience in the field before ‘fintech’ entered the corporate vernacular. 

He created the highly successful VMoney digital platform, offering an extensive end-to-end financial solution for businesses and consumers offering integratable online payments and funds disbursements for online and retail merchants, government institutions, medical organizations, educational facilities, and business enterprises. 

“LuLu Exchange is honoured to work hand in hand with Abu Dhabi Global Market to raise the profile of FinTech community in Abu Dhabi. Within a short period of time, ADGM, under the able leadership of its Chairman Ahmed Ali Al Sayegh and CEO of registration authority Dhaher Bin Dhaher Almheiri, has transformed itself into a hub for innovation and technology along with attracting startups and talent from around the world,” added Adeeb Ahamed. 

With plans to move nearly 30% of its transactions on to the digital platform by 2020, LuLu Exchange is committed to remain on the digital fast track. Through this new partnership, the Abu Dhabi-based companies are on track for rapid growth, with planned go-lives in the UAE, Philippines, Hong Kong and Malaysia already pencilled in.