NOW Money, a Dubai, UAE-based fintech company, secured $7m in funding.
The round was led by Anthemis Exponential Ventures which 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 company intends to use the funds to expand its digital banking solution into the Kingdom of Saudi Arabia, , beginning with strategic new hires and local infrastructure in Riyadh, and to develop its service offering and to continue its growth in the UAE.
Founded in 2016 by Katharine Budd and Ian Dillon, Now Money provides a digital banking solution for low-income migrant workers featuring accounts, low-cost remittance, and other financial services. The company also partners with businesses to provide an end-to-end digital payroll solution. Every company has access to a payroll portal to transfer employee salaries and other financial-based rewards and every employee is issued with a contactless-enabled Visa card and receives their salary directly into the NOW Money app.