NOW Money Raises $700K in Investment
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.