Fintech NOW Money Secures $7 Million Funding to Expand Digital Banking Solution

NOW Money, the GCC’s first digital banking solution whose mission is to improve the lives of low income migrant workers in the UAE, has secured $7 million in a funding round led by venture investor, Anthemis Exponential Ventures. The UAE-based company is planning to speed up its expansion in the Kingdom of Saudi Arabia.

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, amongst others. In addition, NOW Money received supporting funding from Expo 2020 and card scheme, Visa.

According to the announcement, 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. The funding will also enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE.

Commenting on the funding, 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.”