• Users shop on Xare using credit/debit cards shared by someone else

Dubai: Global fintech platform, Xare, has announced a new initiative called XareHerWins, which is designed to promote and celebrate women-led businesses this Women's Day. The program is aimed at showcasing small, women-run businesses on the Xare platform at no cost and providing marketing support to help them grow.

Half of all SMEs in the UAE are women-owned, while 48 percent of women business owners are also the sole owners of their companies, according to the Ministry of Economy. It’s also widely acknowledged that women entrepreneurs start businesses at a rate 1.5x higher than men, often taking on the toughest issues the world is facing and fostering technologies that will influence our future. Yet, female-led firms receive just 2 percent of all venture capital the world over. As per Wamda, of the enterprises that raised capital in the UAE last month, 99 percent were led by men, 

According to the World Economic Forum’s Global Gender Gap report 2022, it will take 132 years to close the gender gap worldwide. Despite the strides made over the last few years in achieving gender parity, women-backed enterprises do not get adequate opportunities to grow, especially small businesses.

Xare is on a mission to make finance accessible and equitable for everyone – including small businesses and women-owned enterprises. As a user-generated finance platform, it enables anyone to shop on the platform using a credit /debit card that was shared with them by someone. While Xare has partnerships with some of the biggest consumer brands in the UAE like Barakat, SharafDG, Mumzworld, and Carrefour, users often don’t discover the incredible products offered by small, local businesses.

Commenting on the initiative, Padmini Gupta, CEO & Co-Founder, Xare said, “It’s been a few months since we launched the XareClub – a feature that allows people to share cards and the bank deals on them. Bank offers and discounts are only offered by large e-commerce brands as a way to attract more customers. However, there are thousands of small businesses which don’t get this chance to showcase themselves to bargain hunters. Especially small, women-led businesses. We want to change that. This Women’s Day, we are showcasing local women-led businesses on Xare to celebrate the amazing work they do!”

“As a woman entrepreneur, I want to do my bit to promote these awesome businesses on Xare and help them shine. I hope that by supporting them we will play our part in creating a fairer world where everyone has the opportunity to succeed,” she added.

XareHerWins is open to all women-run small businesses across various industries such as clothing, jewelry, home décor, and more. It will feature the businesses at no cost on Xare and provide marketing support aimed at helping them grow their customer base and increase sales. To participate in the initiative, women-run small businesses can submit their details on this form - https://lnkd.in/eH6BV5xU


About Xare

On the Xare platform, anyone can create financial instruments to share access to their money with their loved ones, anyone, anytime, and anywhere. The process is seamless, safe, and instant. A person who receives access to money can then shop in-app at thousands of stores locally or globally.

Xare was launched in January 2021 with the purpose to ‘reclaim the soul of banking for everyone’, and the mission to empower the one-third of the world’s population that has an income, to share their financial resources with the two-thirds of the population that does not. Xare has since developed into one of the world’s most exciting and dynamic tech companies and is set to transform how the world sends/shares money across generations, genders, and borders.

Xare is regularly featured in the local and international media, including Forbes, Entrepreneur, Financial Times, Arabian Business, Khaleej Times, The Economic Times, and many more. It recently won the award presented by Entrepreneur for the Fastest Growing Startup at the Leaders in Fintech 2021 event in Dubai.

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