NOW Money, the UAE-based fintech startup, that recently closed a $700K funding round has now closed another round for a total of $1.46million.
Armed with this injection of finances, the company is on a mission to launch operations in the UAE, as well as expand into the rest of the GCC. Already an active participant of Abu Dhabi Global Market’s (ADGM) Regulatory Sandbox, they have just been accepted in Bahrain too.
“We were recently accepted into the Central Bank of Bahrain’s (CBB) Regulatory Sandbox, so that will be our first move,” NOW Money founders tell Inc. Arabia.
They’re also looking to grow their talent. “The team is currently six people, but we are recruiting a new intern and plan to have other team members joining soon.”
Other contributions have come from private investors and MENA-based women’s investor network WAIN.
The Impact Factor
NOW Money’s appeal seems to stem from their focus being impact-based. Although impact investing has gone mainstream worldwide, in the region it is still the mainstay of a select few “savvy investors.”
Myrisoph Capital appears to be one of those that has cottoned on.
“We’ve been looking at partnering with an impact player within the fintech space in the GCC for a while now, and we believe NOW Money is that partner,” says Hassan Alhassani, the group’s managing partner.
NOW Money uses mobile banking technology to provide, in a profitable and sustainable manner, accounts, financial inclusion, and a range of low-cost remittance options to low-income migrant workers in the GCC countries.
“We hope that FinTech is embraced in the region and used to eradicate financial exclusion. There is a huge population who are currently underserved and by embracing innovation and using technology which is readily available we can make financial services available to all,” says co-founder of NOW Money, Ian Dillon.
“The positive contributions we are seeing from Myrisoph, WAIN and the private investors—in addition to those from Accion and Newid Capital—are fantastic, and are already adding real value to NOW Money’s business. We’re thrilled to be closing this round with so much support and belief in the company,” he adds.
Heather Henyon, Founder & Director of WAIN, noted, “we are proud to invest in this local fintech startup, which has a female co-founder, as we believe the potential for the $100 billion remittances Gulf market is massive.”
The company hopes that these recent milestones, and this latest round of funding, will help lay the foundations for a successful fintech ecosystem in the GCC and provide confidence for more early stage investments into fintech companies in the region.