The investment will primarily be used to support Now Money in Saudi Arabia, with local infrastructure and new hires in Riyadh
Dubai-based Now Money, the GCC’s first digital banking system for low-income migrant workers, has reportedly raised USD 7 million in the latest funding round led by Anthemis Exponential Ventures – a leading venture investor.
Source close to the news claim that the funding round saw participation of other investors like DIFC FinTech, Wamda, Knuru Capital, Accion Venture Lab, Commercial Bank of Dubai, Hambro Perks Oryx Fund, and Greenhouse Capital.
Apparently, Now Money, which has also gained funding support from Visa and Expo 2020, mentioned that this funding marks the most significant deal to date across the Middle East.
The cash injection will primarily be used to support Now Money in Saudi Arabia, starting with local infrastructure and new hires in Riyadh. In addition to the above, the funding will allow the company to enhance its offerings and steer its growth in the UAE.
Established in the year 2016, Now Money is a prominent fintech enterprise in the Gulf that uses advanced mobile banking technology to offer accounts, low-cost remittance, along other financial solutions to migrant workers.
According to a statement by Ian Dillon, Co-Founder, Now Money, the funding is a crucial investment that will provide financial support to the firm required to ramp up expansion plans across GCC along with partnership and strategic value from investors.
It is worth noting that Now Money is in partnership with entities to offer a high-end digital payroll system. Each company has access to an advanced payroll portal and employees are provided with a contactless Visa card and are paid their salary automatically through the New Money application.