NOW Money, a UAE-based fintech startup, announced today that the company has raised a total of $7 million in the latest funding round to expand its digital banking solutions across the GCC. The fintech firm is planning to accelerate its expansion in the Kingdom of Saudi Arabia.
According to the official announcement, the latest funding round led by Anthemis Exponential Ventures along with participation from other investors including Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital and Hambro Perks Oryx Fund. NOW money termed the latest funding round as a significant achievement for the company.
NOW Money is a digital banking solutions provider for low-income migrant workers in the GCC. The company is providing services to unbanked workers to help them access the digital economy.
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Commenting on the latest funding announcement, 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 realize 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.”
Fintech and COVID-19
The emergence of the coronavirus pandemic has accelerated the adoption of technology in the financial sector. Despite the economic challenges in 2020, fintech startups across the world secured record funding last year. Indian fintech startup, BharatPe raised $108 million in a Series D funding round recently. India became the top fintech destination in Asia after the Indian financial technology sector attracted $647 million investment across 33 deals during the quarter, ending 30 June 2020.
NOW Money highlighted that the company is planning to expand its presence in the Middle East with the latest funds. “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. In addition, the funding will enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE,” the official announcement states.