NOW Money Raises $700K in In­vest­ment

Arabnet - The Quarterly - - Industry Stories -

Uae-based fin­tech startup NOW Money has raised $700K from two Us-based VC firms, in Au­gust. 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. Over 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. In June, NOW Money com­peted against 9 fi­nal­ists at Arab­net’s Startup Bat­tle in Dubai, and claimed first place. It also came sec­ond place in Arab­net’s Cham­pi­onship in May. NOW Money also won other awards from com­pe­ti­tions such as Pitch360, Get in the Ring, Chivas the Ven­ture, IBM Smart­camp, and Women in STEM. In ad­di­tion to that, NOW Money en­tered Cen­tral Bank of Bahrain’s (CBB) reg­u­la­tory sand­box in Septem­ber. In Septem­ber 2015, un­der the tagline ‘em­pow­er­ing the un­banked’, for­mer bankers Kather­ine Budd and Ian Dil­lion launched NOW Money with the goal of pro­vid­ing work­ers with fi­nan­cial in­clu­sion via di­rect ac­cess to a cur­rent ac­count, debit card, and low-cost re­mit­tance ser­vices di­rectly from an app and ser­vice cen­ter. Through the startup’s part­ner bank, work­ers would be pro­vided with ac­counts into which they would get paid ev­ery month, as well as a debit card they could use to with­draw money from an ATM or make on­line and in-store pur­chases.

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