NOW Money garners $4m in new funding to expand digital banking in the GCC

June 12, 2024

Dubai-based NOW Money, a pioneering inclusive banking and payroll FinTech, today announced the successful closure of a $4m equity investment round.

This marks the company’s second round of funding since its acquisition by Mark Nutter and Nicolas Andine in 2023. The investment was led by undisclosed parties who have shown a strong belief in the company’s mission and strategy.

NOW Money has carved out a niche in providing secure digital banking solutions targeted primarily at low-income workers within the Gulf Cooperation Council (GCC) region. The company’s operations are focused on offering accessible financial services, which are crucial in a region where many low-income migrant workers often lack basic banking amenities.

The newly acquired funds are earmarked for scaling operations and enhancing the technological capabilities of NOW Money’s product offerings. As part of their strategy, the company aims to further penetrate the market and improve the functionality and reach of their mobile banking application, which is crucial for their target demographic.

Nicolas Andine, CEO at NOW Money, said, “We are thrilled to have secured this investment, which underscores the confidence in NOW Money’s vision and potential positive socio-economic impact.

“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 is renowned for its transparent approach to financial services. By leveraging advanced technology, the company offers essential banking services like remittances, bill payments, and savings options via a user-friendly mobile app, which supports multiple languages. Additionally, NOW Money commits to financial literacy by providing in-person training, demonstrating its dedication to safe and secure financial education for the region’s most vulnerable groups.

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