NOW Money closes bridge funding round, worth $1.46m

NOW Money aims to pave the way for the FinTech ecosystem in the GCC

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NOW Money closes bridge funding round, worth $1.46m The company hopes that their latest round of funding, will help lay the foundations for a successful FinTech ecosystem in the GCC.
By  Aasha Bodhani Published  September 6, 2017

NOW Money has closed its bridge funding round with a total of $1.46m.

The latest contributions come from Dubai-based Venture Capital firm Myrisoph Capital and MENA-based women's investor network WAIN.

Myrisoph Capital invests in SMEs that require expert advice and mentorship, and in particular it invests in core skill-sets and expertise within teams. WAIN aims to build an informed ecosystem of women investors who support women in the Arab World.

Ian Dillon, co-founder, NOW Money, said: "We've been working with Myrisoph since the beginning of 2017, and what struck us about the company was their extensive knowledge and understanding of the Gulf region and their unparalleled expertise and connections within financial services here.

"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."

Hassan Alhassani, managing partner of Myrisoph Capital, added: "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. We were impressed by the business model as well as the social implications in the region."

Heather Henyon, founder & director of WAIN, commented: "We are proud to invest in this local FinTech start-up, which has a female co-founder, as we believe the potential for the $100bn remittances Gulf market is massive. We love the dynamism of the team and are impressed by their track-record, commitment, and tenacity.  We look forward to NOW Money's continued growth and scale across the region, especially with its strong international investor backing, a testament to the company's strength."

Last month NOW Money reported that it secured $700 investments from Accion Venture Lab and Newid Capital.

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