Dubai-based fintech startup NOW Money has raised $760,000 to close its bridge funding round of $1.46 million. The startup had raised $700,000 last month from two US-based VCs, Accion Venture Lab & Newid Capital as part of this round.
Co-founded by Katherine Budd & Ian Dillion, NOW Money provides mobile banking solutions to low-income migrant workers in Gulf, through its mobile applications, by partnering up with their employers.
The latest funding comes from Dubai-based Myrisoph Capital who have invested $700,000, and the rest from private investors and MENA-based women’s investor network WAIN.
“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.
This takes NOW Money’s total funding to $1.96 million as they had raised a seed round of $500,000. The startup aims to use the funds to expand all across UAE and other GCC countries.