UAE-based digital banking solution NOW Money has secured $7m in a funding round to fuel its growth.
The round was led by venture investor Anthemis Exponential Ventures.
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, also joined the funding round.
Founded in 2016, NOW Money offers banking services to low-income migrant workers.
The scope of services includes providing a bank account, a Visa-powered debit card and 24/7 support services. The customers can use the app for making bill payments and cross-border remittances.
The company will utilise the new proceeds to foray into Saudi Arabia. A portion of the money will also be used to further develop its service offering and support its growth in the UAE.
NOW Money co-founder Ian Dillon 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.”
Anthemis Group partner Vica 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 Katharine, Ian and the rest of the team can achieve genuine impact, changing the face of financial services in a region that right now is showing tremendous promise.”