NOW Money, a UAE-based provider of digital banking accounts for migrant workers, has secured $7 million in a funding round led by Anthemis Exponential Ventures.
Anthemis was joined by a consortium of investors including Knuru Capital, Wamda, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital and Hambro Perks Oryx Fund, amongst others. The firm also received supporting funding from Expo 2020 and card scheme, Visa.
Founded in 2016, NOW Money uses mobile banking technology to provide accounts, low-cost remittance, and other financial services to low-income migrant workers, partnering with businesses for the issue of contactless cards to workers and direct salary transfer to its mobile app.
NOW Money co-founder Ian Dillion says the cash injection will initially be used for expansion into the Kingdom of Saudi Arabia, beginning with new hires and local infrastructure in Riyadh.
“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," he says. "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."