UAE-based fintech startup Now Money closed this week a bridge funding round with a total of $1.46 million.
The round included $700,000 from Dubai-based venture capital firm Myrisoph Capital and $700,000 from two US based venture capital investors – Accion Venture Lab and Newid Capital – which was announced last month.
The rest of the funding came from private investors and MENA-based women’s investor network WAIN, a statement said.
Launched in 2015, Now Money uses mobile banking technology to provide financial inclusion to low-income employees in the GCC region.
The mobile banking app offers direct access to a current account, debit card and remittance services, bringing financial inclusion to low income employees and empowerment to the unbanked – estimated at 26 million people in the region.
The company is now looking to launch the service across the UAE and expand into the other GCC countries.
“We are proud to invest in this local fintech startup, with a female cofounder, as we believe the potential for the $100 billion remittances Gulf market is massive,” said Heather Henyon, founder and director of WAIN.