UAE Startup Ray Secures $1.2M in Fintech Funding for Gulf Expansion

Ray raises $1.2M in seed funding to expand its unit sharing powerbank network across the Gulf, targeting high traffic urban locations with Tap to Pay rental stations.

UAE based startup Ray has raised $1.2 million in a seed funding round to accelerate the expansion of its unit sharing network across the UAE and broader GCC region. The round was backed by private investors and will support the company’s mission to scale its physical sharing infrastructure in high traffic urban environments.

Ray operates a powerbank sharing network, where users can rent portable charging units from smart stations placed in locations such as malls, cafés, restaurants, transport hubs, universities, and healthcare facilities. The service is designed for convenience, allowing users to quickly access charging devices and return them at any station within the network. The startup’s system is built around a frictionless rental model, using Tap to Pay technology that allows users to rent a powerbank in under 15 seconds using a bank card or mobile payment services like Apple Pay and Google Pay. In many cases, the service does not require app downloads or registration, making it highly accessible for walk in users.

Founded by Igor Kosolap and Roman Averianov, Ray is positioning itself as a fast scaling infrastructure company within the emerging sharing economy and micro utility space. The founders aim to solve a simple but growing urban problem: mobile device battery shortages in fast moving city environments. According to the company, the newly raised capital will be used to expand its station footprint to 2,000 locations across the UAE by the end of 2026, while also strengthening its presence in key GCC markets. The expansion strategy focuses on partnerships with hospitality groups, retail chains, and venue operators to ensure wide coverage in high footfall areas.

Ray’s model reflects a broader shift in urban services toward asset-light, shared infrastructure systems, where physical goods such as charging units are distributed across cities and monetized through usage based access. The company also leverages IoT connectivity and global payment infrastructure, enabling real time monitoring of devices and seamless cross location returns. This technological backbone supports its goal of scaling beyond the UAE into international markets in the future.

As demand for on the go connectivity continues to rise, especially in densely populated cities, Ray’s approach places it at the intersection of proptech style deployment and consumer utility services within the region’s growing digital economy. With fresh funding and a clear expansion roadmap, Ray is now focused on turning its unit-sharing network into a widely adopted urban utility across the Gulf.