NOW Money raises USD 4 million

Dubai-based NOW Money has announced the raise of USD 4 million in a new funding round, aiming to expand its digital banking services in the GCC. 

Following this announcement, the equity investment round marks the company’s second round of funding, and it was led by undisclosed parties who aim to optimise and accelerate the development of the company’s overall mission and strategy. 

In addition, NOW Money will continue to focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry. 

 

More information on the announcement

NOW Money was developed in order to provide secure and efficient banking solutions that are primarily targeted at low-income workers within the Gulf Cooperation Council (GCC) region. The firm’s overall operations and capabilities are focused on delivering accessible and safe financial services, which are important in a region where several low-income migrant workers often lack basic banking amenities and benefits.

The newly acquired investment is expected to be leveraged for scaling operations and optimising the overall technological capabilities of NOW Money’s product offerings. As part of its plan, the financial institution aims to further extend into the market, as well as improve the functionality and reach of its mobile banking application, which represents a crucial feature for its targeted demographic. 

NOW Money will continue to provide customers and partners with its transparent and secure approach to financial services. By utilising efficient technology, the company also offers essential banking solutions like remittances, bill payments, and savings options through a user-friendly mobile application that was developed to support multiple languages. In addition, the company is set to commit to financial literacy by offering an in-person training and prioritising the delivery of secure financial education for the region’s most vulnerable groups. 

Furthermore, NOW Money will focus on expanding its reach and optimising the accessibility of banking solutions for low-income individuals in the GCC region, as well as accelerate the process of financial inclusion.