NOW Money secures $700K funding to offer financial services to migrant workers
Accion Venture Lab and Newid Capital invest in NOW Money
Two US based venture capital investors have jointly invested $700,000 into UAE-based start-up NOW Money.
The FinTech start-up saw investments from Accion Venture Lab and Newid Capital, one year after its initial seed funding that enabled the company to expand the team and develop its technology.
Now, with the $700K investment, the FinTech will launch its services across the UAE and further expand into the other Gulf Cooperation council (GCC) countries. Plus it will continue to use its mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income migrant workers in the region.
Ian Dillon, co-founder of NOW Money, said, "Having what's understood to be the first early stage investment from U.S. venture capital into the Middle East is testament to the opportunities available here and how far the GCC has come in making itself a destination for investment. We hope this will be the first of many U.S. venture capital investments in the region, and will help to grow the ecosystem further."
"We're excited to be making such a big social impact in the region. Accion is one of the leading global institutions promoting financial inclusion, and Newid Capital was co-founded by Nigel Morris, who previously co-founded Capital One Financial Services. We're excited to be working with them to bring financial inclusion to the 26 million unbanked in the GCC," he added.
Venture Lab invests capital in, and provides support to, FinTech start-ups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Newid Capital focuses on such investments outside of North America and Western Europe.