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UAE’s digital banking app for migrant workers secures new funding

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Now Money receives $7m boost as it seeks to launch operations in Saudi Arabia

UAE's digital banking app for migrant workers secures new funding

Now Money is the first fintech company in the Gulf to use mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers

Now Money, the GCC’s first digital banking solution for low-income migrant workers, has secured $7 million in a funding round led by venture investor, Anthemis Exponential Ventures.

Anthemis Exponential Ventures was joined by a consortium of investors including Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital and Hambro Perks Oryx Fund.

UAE-based Now Money, which also received supporting funding from Expo 2020 and Visa, said the funding is the most significant fintech deal to date in the Middle East.null

Islamic FinTech is on the rise in Saudi Arabia, UAE and globally

The cash injection will initially be used to drive Now Money in Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh.

In addition, the funding will enable it to develop its service offering and continue its growth in the UAE.

Founded in 2016, Now Money is the first fintech company in the Gulf to use mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers.

Ian Dillon, co-founder of Now Money, said: “This funding is a significant milestone. We are eager to build on our progress to date and realise 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.

UAE-based Now Money said the funding is the most significant fintech deal to date in the Middle East

“There is no venture capital better placed than Anthemis Exponential Ventures to have led this deal, especially alongside other such high calibre Western and Middle Eastern funds. Two of our key partners, Commercial Bank of Dubai and Visa, have also played a critical role.”

The deal was led by Vica Manos, a partner of Anthemis Group, the world’s leading fintech investor.

Manos said: “One of the most impactful actions a company can take is to provide fair and sustainable access to finance, and Now Money does exactly that.

“By opening up financial services to some of the most deeply left-out individuals, we’re confident that it can achieve genuine impact, changing the face of financial services in a region that right now is showing tremendous promise.”

Ian Dillon and Katharine Budd, co-founders of Now Money

Now Money partners with businesses to provide an end-to-end digital payroll solution. Every company has access to a unique payroll portal and every employee is issued with a contactless-enabled Visa card and receives their salary directly into the Now Money app.

Katharine Budd, co-founder of Now Money, said: “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 democratise financial services and make money easy, for everyone, every day.”

Source: www.arabianbusiness.com

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