Dubai-based NOW Money has raised $700,000 in its latest funding round from Accion Venture Lab and Newid Capital.
NOW Money is a mobile banking platform?which offers accounts, financial inclusion and remittance options to low-income migrant workers in the Gulf region.
This latest capital will be used to launch its services across UAE, as well as expanding into other countries in the Gulf Cooperation Council. The funding round follows last year initial seed investment, which was used to help NOW Money increase its team and develop the technology and brands.
NOW Money co-founder Ian Dillon said, ?Having what understood to be the first early stage investment from US venture capital into the Middle East is testament to the opportunities available here and how far the GCC has come in making itself a destination for investment. We hope this will be the first of many US venture capital investments in the region, and will help to grow the ecosystem further.p>
This investment marks Accion’s first investment in the Middle East region and is also its first in a wholly-digital neobank.
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