News

Bahrain-Based Cryptocurrency Exchange Rain Raises $110 Million

The financial injection provided by the Series B funding round is supposed to help Rain double the number of its employees, which currently sits at 400.

Published

3 years ago

January 19, 2022

David Morelo

bahrain-based cryptocurrency exchange rain raises $110 million

After raising $6 million in a Series A led by MEVP in January 2021, Bahrain-based cryptocurrency exchange Rain has another reason to celebrate: the recent $110 million Series B funding round.

Co-led by Paradigm and Kleiner Perkins, with participation from Coinbase Ventures, Global Founders Capital, Cadenza Ventures, and others, the round is one of the largest ones for any startup in the Middle East & North Africa.

“We are very excited about this funding opportunity as it allows us to continue conversations with regulators across the MENA region, Turkey, and Pakistan about the benefits and potential of cryptocurrency” stated the co-founding team. “It will also support our overarching mission of providing education and access to cryptocurrency to all of our supported markets”.

Rain was founded in 2017 by Abdullah Almoaiqel, AJ Nelson, Joseph Dallago, and Yehia Badawy. The exchange allows customers from the Middle East to easily buy and sell cryptocurrencies like Bitcoin, Ethereum, and Litecoin. So far, it has processed transactions worth more than $1.9 billion, serving 185,000 users across 50 countries.

rain cryptocurrency exchange dashboard

The financial injection provided by the Series B funding round is supposed to help the exchange double the number of its employees, which currently sits at 400.

Also Read: 5 Gaming Cryptos That Will Explode In 2023

“We believe that Rain is a crucial piece of the puzzle for bringing the Middle East deeper into the new crypto economy” said Casey Caruso, investing partner at Paradigm.

Indeed, the interest in cryptocurrency has been booming across the MENA region, with both individual retail investors and institutions embracing cryptocurrencies as the future of finance.

Dubai, for example, wants to become the world’s cryptocurrency capital by creating a comprehensive ecosystem for cryptocurrencies and providers of related services in the form of a special crypto zone at the Dubai World Trade Center.

Related Topics:Bahrain Cryptocurrency Rain

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Yabi Introduces AI Financial Coach For Smarter Money Moves

The app provides real-time, personalized financial guidance, helping UAE residents manage money smarter, reduce debt, and build wealth effortlessly.

Published

3 hours ago

February 22, 2025

Nour Nasir

Yabi

Imagine having 24/7 access to an expert financial advisor — someone who understands your spending habits, helps you save more effectively, and offers guidance for every financial decision. That’s the vision behind Yabi’s revamped platform, an AI-driven finance app designed to transform personal finance management in the UAE.

Unlike traditional budgeting tools, Yabi acts as an always-available AI advisor, analyzing your unique spending patterns and offering real-time, tailored financial advice. Whether you’re making everyday purchases, planning a big trip, or saving for a major milestone, Yabi keeps you on track and helps you make informed financial choices.

Rakhil Fernando, CEO of Yabi, explains the mission behind the platform: “Financial literacy is not optional — it’s essential. But most financial tools today feel outdated and overly complex. Yabi is here to change that by offering AI-powered financial coaching that’s smart, simple, and accessible to everyone in the UAE”.

Here are some of the updated app’s new features:

AI-Powered Financial Coach: A 24/7 digital advisor providing real-time financial guidance based on your spending habits and available in multiple languages.
Live Insights: Connect your bank accounts for a detailed breakdown of your expenses.
Tailored Budgeting: Yabi creates a budget that fits with your actual spending habits rather than generic financial advice.
Interactive Financial Education: Learn the essentials of saving, investing, and credit management through engaging content integrated into the AI experience.
Automated Expense Tracking: Receive instant alerts on overspending, identify hidden charges, and cut unnecessary subscriptions with ease.
Credit Score & Financial Health Monitoring: Get free credit score checks and AI-driven recommendations to enhance your financial standing.

Also Read: A Guide To Digital Payment Methods In The Middle East

Finally, Yabi is also gearing up to introduce its own debit card and a suite of financial products, making it easier to save, spend, and invest within a single platform.

Want to try Yabi for yourself? You can download the app on the Apple App Store and Google Play Store.