Now Money Raises $700K in Investment
UAE-based fintech startup NOW Money has raised $700,000 from two US-based VC firms. According to a statement, the funds have been raised from Accion Venture Lab, the seed-stage investment initiative of financial inclusion firm Accion, and Newid Capital, two firms that are known to make investments that target the financially underserved.
NOW Money focuses on offering low-income expat workers a cutting-edge and easy-to-use mobile banking solution for their remittance requirements. Currently running pilot versions for workers in at least five organizations in the UAE, NOW Money plans to expand across the GCC in 2017.
During the past year and a half, the startup has secured partnerships with many local and private companies including Noor Bank, MasterCard, and various exchange houses across the region.
Earlier this year, the startup battled 9 finalists at Arabnet’s Startup Battle in Dubai, and claimed first place. They have also won other awards from competitions such as Pitch360, Get in the Ring, Chivas the Venture, IBM SmartCamp, and Women in STEM.
The firm said that with the latest investment, they will launch their service across the UAE first and then expand. The investment comes a year after NOW Money’s initial seed funding, which allowed the company to expand their team and develop the technology and brand.
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