NOW Money, a leading payroll and remittance platform in the UAE, has successfully completed its latest financing round.
The recent funding was spearheaded by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine, according to a report from Wamda.
As part of the deal, Nutter has joined NOW Money as its chairman and Andine has been named the company’s new CEO. In their roles, they will help the FinTech company grow, expand its product offering and improve its operations.
Delving deeper into NOW Money’s operations, it primarily caters to the underserved and underbanked immigrant population in the UAE. Collaborating closely with employers, NOW Money delivers unparalleled services that include easy access payroll and banking services to the underserved and unberbanked immigrant population in the UAE. It support this, it provides low remittance and banking fees to various countries below the United Nations’ industry recommended standard.
With the freshly injected funds, NOW Money is looking to expand its suite of products. One such notable introduction is a novel banking subscription service, tailored explicitly for the region’s migrant workers. This innovative model is designed to streamline the NOW Money experience, enabling users to efficiently manage, budget, and maintain full control of their finances. Additionally, subscribers can reap more benefits from their enrolment.
Nicolas Andine, the newly appointed CEO of NOW Money, shared his insights, “We were attracted by the unique proposition of NOW Money, combining the strong social mission of bringing banking access to the underserved 1.7 million population of the UAE combined with a solid and scalable business model. We believe the business is perfectly aligned with the initiatives of the government and its value proposition offers a unique path for socially responsible employers to support the financial wellbeing and ultimately mental and physical health of their workers.”
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