NOW Money, which claims to be the first digital bank for low-income migrant workers in the Gulf Cooperation Council, has netted $7m in funding.
The round was led by Anthemis Exponential Ventures, with participation also coming from Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital and Hambro Perks Oryx Fund, among others.
With the round closed, NOW Money claims this is the most “significant, multinational FinTech deal to date in the Middle East.”
This capital injection will support its presence in Saudi Arabia, hire more staff and further its growth in the UAE.
Founded in 2016, NOW Money claims to be the first FinTech in the Gulf to leverage mobile banking technology to offer accounts, low-cost remittance and other financial services to migrant workers.
The platform offers end-to-end digital payroll services, which enables simplified payments to employees, as well as access to other financial-based rewards.
Anthemis Group partner Vica Manos said, “One of the most impactful actions a company can take is to provide fair and sustainable access to finance, and NOW Money does exactly that.
“By opening up financial services to some of the most deeply left-out individuals, we’re confident that Katharine, Ian and the rest of the team can achieve genuine impact, changing the face of financial services in a region that right now is showing tremendous promise.”
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