UAE startup Now Money closes $1.46m bridge funding round

UAE-based FinTech start-up Now Money has closed its bridge funding round with a total of $1.46m, it announced on Wednesday.

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.

Read more: UAE startup Now Money gets $700,000 funding from US investors

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 migrant workers 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 workers 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.

Read: The app connecting the GCC’s low paid workers with bank accounts

Heather Henyon, founder and director of WAIN, said: “We are proud to invest in this local FinTech start-up, which has a female co-founder, as we believe the potential for the $100bn remittances Gulf market is massive.”

A participant of Abu Dhabi Global Market’s regulatory sandbox, Now Money was also recently chosen as one of the first two entrants into the Central Bank of Bahrain’s regulatory sandbox allowing fintech firms to test their concepts.

“The company hopes that these recent milestones, and their latest round of funding, will help lay the foundations for a successful FinTech ecosystem in the GCC and provide confidence for more early stage investments into FinTech companies in the region,” its statement said.

Read more: Bahrain says UK’s Tramonex, Dubai’s Now Money sign up to fintech sandbox

Also read: Dubai reduces regulation for fintech firms with new licence