NOW Money, a UAE-based digital account service, announced on Monday it raised $7 million through its latest investment round, which was led by Anthemis Exponential Ventures with participation from Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital, and Hambro Perks Oryx Fund.
Founded in 2016, NOW Money claims it uses “cutting-edge” mobile technology to improve the lives of low-income migrant works in the UAE.
“Our mission is to help workers access financial and remittance services otherwise out of reach, for the first time providing them with direct access to a current account, debit card and remittance directly from our proprietary NOW Money smartphone app and service center.”
While sharing more details about the investment round, Co-Founder of NOW Money, Ian Dillon, stated:
“This funding is a significant milestone for NOW Money. We are eager to build on our progress to date and realise our vision of creating a world where everyone has instant access to financial services they can, and want, to use. The investment has brought us the financial support needed to scale our expansion plans across the GCC, as well as strategic value and partnerships from each of our investors.”
NOW Money then added that the investment round’s funds will be use to drive its expansion into the Kingdom of Saudi Arabia and to develop its service offering as well as enable it to continue its exponential growth in the UAE.