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Dubai-based Payroll FinTech NOW Money secures $4m

By Gloria Methri

June 18, 2024

  • Digital Banking Solutions
  • Digital Payroll
  • Equity Funding

NOW Money, investment round, payroll, platform, banking platform, inclusive banking, underbanked, budget, Fintech news, Fintech UAEDubai-based NOW Money announced that it has closed on a $4 million equity round. The investment completes the second round of funding since the company’s acquisition led by Mark Nutter and Nicolas Andine in 2023.

The inclusive banking and payroll FinTech, dedicated to providing safe and secured digital banking solutions for low-income workers in the Gulf Cooperation Council (GCC) region, will use the funds to scale its operations and enhance its technology product offerings.

As the demand for accessible and affordable banking services and financial education continues to rise, NOW Money said it remains committed to bridging the gap in financial inclusion for low-income migrant workers across the GCC countries.

“We are thrilled to have secured this investment, which underscores the confidence in NOW Money’s vision and potential positive socio-economic impact,” said Nicolas Andine, CEO at NOW Money. “This funding will be instrumental in accelerating our growth trajectory, fueling innovation and advancing our mission of financial inclusion. With the support of our investors, we are poised to make significant strides in expanding our reach and enhancing the accessibility of banking services for low-income individuals in the GCC region.”

NOW Money leverages cutting-edge technology to provide migrant workers with access to essential banking services, including remittances, bill payments, and savings accounts, all through a mobile application available in multi-language options. The company also provides in-person financial literacy training to show its commitment to driving safe and secure financial education in the region for the most vulnerable.

“We believe in the transformative potential of NOW Money’s innovative approach to financial inclusion,” said a representative from the undisclosed investor. “We are excited to partner with NOW Money on their journey to empower underserved communities with access to essential financial services. This investment reflects our confidence in NOW Money’s ability to drive positive change and create lasting impact.”

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