Global fintech platform, Xare, has announced a new initiative, “XareHerWins”, designed to promote and celebrate women-led businesses this Women’s Day. The program seeks to showcase small, women-run businesses on the Xare platform at no cost and provide marketing support to help them grow.
According to the Ministry of Economy, half of all SMEs in the UAE are women-owned, while 48% of women business owners are also the sole owners of their companies.
Moreover, it’s 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% 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 don’t often discover the incredible products offered by small, local businesses.
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.
