PRESS RELEASE
Riyadh, Saudi Arabia, September 16th, 2024
Adaverse, the leading Web3 and blockchain fund in Saudi Arabia, proudly announces a $500,000 investment in UmrahCash, a fintech startup dedicated to transforming financial solutions for pilgrims travelling to Saudi Arabia.
Addressing a Critical Need
Saudi Arabia hosts 14 million migrant workers and 7 million religious visitors annually, with 85% coming from emerging markets. Despite this, there are no international fintech solutions to meet their financial needs. Pilgrims require Saudi Riyals (SAR) for their trips but often struggle to obtain this currency or have to buy it at inflated prices through informal Hawala networks. UmrahCash addresses this issue by providing a secure, transparent, and unified platform for currency exchange, easing the financial burden and risk for pilgrims.
UmrahCash enables easy access to Saudi Riyals in Mecca, Medina and Jeddah. Pilgrims make payments in their home country and receive SAR upon arrival to the Kingdom. This is facilitated through UmrahCash’s app, which brings together liquidity, agents and pilgrims for a singular solution for Hajj and Umrah exchange. By aggregating existing flows with a tech frontend, UmrahCash’s infrastructure is simultaneously secure and transparent to the benefit of its users and regulators.
Founder’s Vision
William Phelps, founder and CEO of UmrahCash, stated:
"At UmrahCash, our mission is to provide 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. Our platform simplifies currency exchange while fostering trust and transparency, ultimately enhancing the pilgrimage experience.”
Adaverse’s Commitment
Vincent Li, Founding Partner of Adaverse, added,
"Adaverse is committed to fostering innovative solutions in Saudi Arabia. Our investment in UmrahCash highlights our belief in the power of stablecoins and Web3 technology to provide seamless, secure, and transparent financial services for pilgrims, enhancing inclusivity and efficiency for millions of travellers."
Future Plans
Looking ahead, UmrahCash aims to expand its services beyond its initial market of Nigeria to West Africa and other emerging markets with similar economic challenges, such as Pakistan and Bangladesh. By leveraging their established network and technology principles, UmrahCash plans to replicate their success in these regions, further promoting financial inclusion and enhancing the pilgrimage experience for millions more travellers.
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