Dubai: NOW Money, the digital banking solution platform for low-income migrant workers, has secured $7M in a funding round led by Anthemis Exponential Ventures, with participation from several other investors, including Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital, and Hambro Perks Oryx Fund.
Founded in 2016, NOW Money uses mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers.
NOW Money partners with businesses to provide an end-to-end digital payroll solution. Every company has access to a unique payroll portal – a hassle-free way to transfer employee salaries and other financial-based rewards – and every employee is issued with a contactless-enabled Visa card and receives their salary directly into the NOW Money app. It gives all customers in-app access to low-cost financial services including mobile top-up, bill pay, and remittance, the latter of which enables a quick, safe, and cost-effective way to remit money overseas.
Ian Dillon, Co-Founder of NOW Money said, “This funding is a significant milestone for NOW Money. We are eager to build on our progress to date and realize our vision of creating a world where everyone has instant access to financial services they can, and want, to use. The investment has brought us the financial support needed to scale our expansion plans across the GCC, as well as strategic value and partnerships from each of our investors.
“There is no venture capital better placed than Anthemis Exponential Ventures to have led this deal, especially alongside another such high caliber Western and Middle Eastern funds. Two of our key partners, Commercial Bank of Dubai and Visa, have also played a critical role.”
Katharine Budd, Co-Founder of NOW Money said, “When we started NOW Money in 2016, our mission was clear; simplify the world’s financial services. Initially, we were met with skepticism about a digital financial service, but the success of mobile money in South and East Asia gave us faith that mobile banking would be a sustainable solution for the millions of people who find themselves overlooked by traditional Middle Eastern banking options. We are excited to expand our team and build our customer and partnership base to truly democratize financial services and make money easy, for everyone, every day.”
The cash injection will initially be used to drive NOW Money in the Kingdom of Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh. In addition, the funding will enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE.