Fintech

Payroll FinTech NOW Money, based in Dubai, gets $4 million

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7 months ago

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By Gloria Methri

Today

  • Digital banking solutions
  • Digital payroll
  • Equity financing

Dubai-based NOW Money announced it has closed a $4 million equity round. The investment completes the second round of financing since the acquisition of the Mark Nutter-led company Nicola Andine in 2023.

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

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

“We are thrilled to have secured this investment, which underlines confidence in NOW Money’s vision and potential positive socio-economic impact,” he said Nicolas Andine, CEO of NOW Money. “This financing 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 ready to make great strides in expanding our reach and improving the accessibility of banking services for low-income people 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 multilingual options. The company also offers in-person financial literacy training to demonstrate its commitment to promoting 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,” an undisclosed investor representative said. “We are thrilled 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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