NOW Money, a Dubai-based digital banking solution provider 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 andHambro Perks Oryx Fund, amongst others. NOW Money also received supporting funding from Expo 2020 and Visa.
The cash injection will initially be used to drive NOW Money‘s growth in the Kingdom of Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh.
In addition to that, the funding will enable NOW Money to develop its service offering and continue its growth in the UAE.
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 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.”
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.”
Featured image: Worker using NOW Money app