NOW Money
ActiveDigital payroll & banking for unbanked GCC workers
NOW Money provides an employer-enabled mobile wallet, Visa/Mastercard cards, and low-cost remittance for low-income, unbanked migrant workers across the GCC. Founded in Dubai by Katharine Budd and Ian Dillon, it partners with employers to pay salaries directly into its app. In 2023 Dubai entrepreneurs Mark Nutter and Nicolas Andine took a controlling stake, with Andine becoming CEO.
Founders
Funding Rounds
No round label given by any primary source.
Investors: Mark Nutter, Nicolas Andine
Financing tied to the 2023 change of control: Dubai entrepreneurs Mark Nutter (Chairman) and Nicolas Andine (CEO) acquired/recapitalised the company; the June 2024 announcements call the $4M the 'second funding round since the acquisition'. Amount undisclosed. Also: https://www.wamda.com/2024/06/uae-money-closes-4-million-equity-round Confidence: confirmed (round 13, Wamda).
Lead: Anthemis Exponential Ventures
Investors: Anthemis Exponential Ventures, Knuru Capital, Wamda Capital, Commercial Bank of Dubai, DIFC FinTech Fund, Accion Venture Lab, Greenhouse Capital, Hambro Perks Oryx Fund
Company did not label the round; 'Series A' is the common press/aggregator label. Announcement also mentions 'supporting funding' from Expo 2020 and Visa (no amount - grant-like, not listed separately). Also: https://www.accion.org/news/uae-based-fintech-now-money-secures-7m-to-expand-digital-banking-solution-across-the-gcc/ https://www.menabytes.com/now-money-7-million/ https://www.khaleejtimes.com/business/uae-based-fintech-now-money-secures-7m-to-expand-digital-banking-solution-in-gcc Confidence: confirmed (round 13, NOW Money).
Investors: Accion Venture Lab, Newid Capital
Company calls it 'part of its seed round'; MENAbytes treats it as the first tranche of a $1.46M bridge round. Crunchbase lists a separate 'convertible note' dated 1 April 2017 - likely this same instrument, aggregator-only. Also: https://nowmoney.me/blog/uae-based-fintech-start-up-secures-700k-investment-to-advance-financial-services-access-for-underserved-migrant-workers/ https://www.thenationalnews.com/business/money/uae-based-fintech-start-up-now-money-secures-700-000-us-investment-1.622335 https://www.menabytes.com/now-money-700k/ Confidence: confirmed (round 13, NOW Money via PR Newswire).
Something here wrong?
Every figure on this page is meant to have a source behind it. If one doesn't match reality, tell us and we'll fix it.
Feedback about NOW Money