[Dubai UAE – 12 JUNE 2024] – Dubai-based NOW Money, today announces it has closed on a $4 million equity round. The investment completes the second round of funding for the company since its acquisition led by Mark Nutter and Nicolas Andine in 2023.
The leading inclusive banking and payroll FinTech, dedicated to providing safe and secured digital banking solutions for low-income workers in the Gulf Cooperation Council (GCC) region, will use the funds to scale its operations and enhance its technology product offerings.
As the demand for accessible and affordable banking services and financial education continues to rise, NOW Money remains committed to bridging the gap in financial inclusion for low-income migrant workers across the GCC countries.
“We are thrilled to have secured this investment, which underscores the confidence in NOW Money’s vision and potential positive socio-economic impact,” said Nicolas Andine, CEO at NOW Money.
“This funding will be instrumental in accelerating our growth trajectory, fueling innovation and advancing our mission of financial inclusion. With the support of our investors, we are poised to make significant strides in expanding our reach and enhancing the accessibility of banking services for low-income individuals in the GCC region.”
NOW Money is known for its innovative and transparent approach to addressing the financial needs of underserved populations. By leveraging cutting-edge technology, the company provides migrant workers with access to essential banking services, including remittances, bill payments, and savings accounts, all through a user-friendly mobile application available in multi language options. The company also provides in person financial literacy training to show its commitment to driving safe and secured financial education in the region for the most vulnerable.
“We believe in the transformative potential of NOW Money’s innovative approach to financial inclusion,” said a representative from the undisclosed investor. “We are excited to partner with NOW Money on their journey to empower underserved communities with access to essential financial services. This investment reflects our confidence in NOW Money’s ability to drive positive change and create lasting impact.”
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For media inquiries, interview requests, or speaking engagements, please contact:
Liz Ashworth
NOW Money
Email: pr@nowmoney.ne
About NOW Money
Founded in 2016, NOW Money provides mobile banking services for workers of all income levels, who may have previously found themselves overlooked and underserved. Financial inclusion is at the heart of NOW Money in its aim to provide equal access to financial services.
NOW Money gives all customers access to its mobile banking app, providing low-cost financial services including local and international mobile top-up, use of contactless Visa card for online and card transactions and cross-border money transfers at the lowest exchange rates to be able to send money to their families back home. The social enterprise has won over 20 awards internationally for financial inclusion and is backed by the world’s best-known fintech venture capital funds, banks and regulators.
To find out more about NOW Money, visit https://nowmoney.me/or follow on LinkedIn.
