UAE - Mubasher: The UAE-based NOW Money, the GCC’s first digital banking solution for low-income migrant workers, has raised $7 million in a funding round.
The funding round has been led by the venture investor, Anthemis Exponential Ventures, which was joined by a consortium of investors including Knuru Capital, Wamda, Commercial Bank of Dubai (CBD), DIFC FinTech Fund, and Accion Venture Lab, according to a press release on Monday.
The UAE's fintech also received supporting funding from Expo 2020 and card scheme, Visa.
The raised funding will initially enable NOW Money to expand in Saudi Arabia from strategic new hires and local infrastructure in Riyadh.
Meanwhile, the funding will help the fintech to develop its service offering and grow in the UAE.
Established in 2016, NOW Money is the first fintech company in the Gulf to benefit from mobile banking technology to create accounts, low-cost remittance, and other financial services to migrant workers.
