UAE couple launch fintech firm Xare to help migrants send money home

Dubai-based couple Padmini Gupta and Milind Singh have reimagined financial services for migrants and their families through their venture Xare — a global fintech platform, earlier named Rise.

“Working with family at Xare has enabled us to draw on trust, shared purpose, and complementary skill sets to create a platform that serves one of the world’s most underserved communities — migrant workers and their families. The UAE’s unique environment, coupled with early support from key local institutions, has given us the opportunity to scale globally and create meaningful impact for millions of people,” said 45-year-old US nationalGupta, who is the Chief Executive Officer at Xare.

The company is officially registered in the Dubai Multi Commodities Centre (DMCC), and has a branch office in Abu Dhabi. Beyond the UAE, Xare operates offices in India and London, ensuring a truly global footprint and a broad understanding of various financial ecosystems.

Real need of the hour

“Working with family was a natural choice because our values and missions were deeply aligned from day one. Padmini’s first-hand understanding of migrant financial struggles and my product-development skills created a perfect synergy. The trust we share, our ability to communicate openly, and our commitment to making a global impact meant that founding Xare together was not just a professional decision — it was a personal commitment to improving lives,” said Indian expat Milind Singh, who at 47 is the Chief Product Officer at the firm.

The couple started collaborating in 2017 with the launch of their first venture, Rise, which eventually evolved into Xare. “Our motivation came from a deeply personal experience: I witnessed the financial challenges faced by my household help and countless other migrant workers who struggle to access and manage essential financial services. I brought my financial background and passion for addressing this issue to the table, while Milind, my husband and a former consultant, contributed his expertise in technology and product development. Together, we embarked on building a platform aimed at improving financial systems for over 300 million migrants and the billion people who depend on them worldwide,” said Padmini.

Xare is designed to simplify cross-border money management, enabling migrants to securely share access to their financial resources with loved ones anywhere in the world. “This addresses a longstanding challenge: the lack of convenient, reliable, and affordable financial services for millions of migrants who move abroad to improve their families’ lives,” said Padmini.

By providing a platform that transcends traditional banking barriers, Xare disrupts the market by offering accessibility, inclusion, security and transparency, and global reach across 170+ countries, serving millions of users.

The couple met at Oxford University while pursuing their MBAs. After graduation, Padmini joined the World Economic Forum, and Milind joined Booz Allen Hamilton. “For the first four years, we lived apart due to our careers, but we eventually moved to the UAE to start our family because of my long-standing family connection to the country — my family has been here since the 1970s. We appreciated the UAE’s safe, welcoming environment, which is ideal for raising a family," said Padmini.

“It was during our early years in the UAE, we recognised the financial challenges faced by migrants, particularly when our own helper requested a significant loan. Realising that millions of migrant workers — especially women — depend on employers for financial assistance due to a lack of accessible financial services, we decided to address this gap. Our shared vision and complementary skills led us to found Xare, a platform designed to simplify cross-border financial management for migrant communities worldwide,” added Padmini.

Strategic move

Building Xare in the UAE was a strategic decision for the duo. The environment nurtures global talent, fosters an innovation ecosystem, and attracts people from every corner of the world seeking better opportunities. “With entities like DIFC and support from forward-looking government initiatives, we have not only built a successful fintech platform but also contributed to the UAE’s reputation as a global tech and startup hub. The UAE’s supportive policies and infrastructure have been critical in helping us transform a local idea into a worldwide solution,” said Milind.

The UAE’s unique demographic landscape — one of the most diverse and migrant-rich populations in the world — made it the ideal launchpad for a migrant-centric financial services platform.

“The country’s openness to innovation and entrepreneurship, coupled with incredible local support networks like Sheraa, Najla Al Midfa, DIFC FinTech Fund, and the Ministry of Economy’s Future 100 programme, has provided us with both the resources and credibility to scale globally. Today, Xare serves users in over 170 countries and has grown to over five million users, which would have been far harder to realise elsewhere,” concluded Padmini.