NOW Money secures $7m to expand digital banking solution in GCC
NOW Money, the GCC’s first digital banking solution for low-income migrant workers, has secured $7m 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, amongst others. NOW Money also received supporting funding from Expo 2020 and card scheme, Visa.
The funding raised by NOW Money is the most significant, multinational fintech deal to date in the Middle East.
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.