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NOW Money, a digital banking solution for low-income migrant workers, has secured $7 million in a funding round led by venture investor, Anthemis Exponential Ventures.
NOW Money also received supporting funding from Expo 2020 and card scheme, Visa, it said in a statement Monday.
Anthemis Exponential Ventures 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 cash injection will initially be used to drive NOW Money in Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh. In addition, the funding will enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE.
Founded in 2016, NOW Money uses mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers.
Co-founder of NOW Money, Ian Dillon, said: “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.”
(Writing by Brinda Darasha; editing by Seban Scaria)
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