Fintechinvestmentreviews.com reports that NOW Money has secured a $700,000 investment from two US venture capital investors. The fintech start-up provides a banking service for the UAE’s underserved low-income migrant population.
There are many fintech start-ups that have good intentions. Here at fintechinvestmentreviews.com, Juvo was the subject of a recent blog. Juvo is a credit-building service that aims to create a platform for underserved parts of the population of the world to build a credit rating that could lead to life-changing financial services. Juvo does this by making deals with pre-paid mobile phone providers. When a member makes a top-up, they gain a little credit.
This is further evidence that fintech is changing the world for the better and improving people’s quality of life for ever, while creating new and exciting investment opportunities.
What does NOW Money do?
Founded in 2015, NOW Money is the first financial technology innovation in the Gulf region to use mobile banking technology to provide private banking accounts. These accounts provide financial inclusion and a range of low-cost remittance options to the population of low-income migrant workers in the UAE.
The company’s aim is to provide banking solutions for everyone. The key to providing these services is making them affordable to even low-income workers.
The company’s team is driven by financial inclusion and social responsibility within the corporate world. The company’s views align with the UAE’s vision to improve their employee’s welfare, especially when considering low-income migrant workers.
NOW Money: a good investment opportunity?
Fintechinvestmentreviews.com focuses on investment opportunities. So, how does NOW Money fare as such?
Since its foundation in 2015, NOW Money’s user base has grown to over 4000. Thanks to their new funding from venture capital investors, Newid Capital and Accion Venture Lab, the company expects a large amount of growth.
“We’re incredibly pleased to have secured funding from the USA,” said Katharine Budd, the company’s co-founder.“Financial exclusion is a global problem, and we can’t wait to work alongside Accion Venture Lab and Newid Capital, who work tirelessly to eradicate the issue.”
According to NOW Money’s other co-founder Ian Dillon, NOW Money is the first early stage investment from USA venture capital firms into the middle east.