By Kay Marham
Now Money is the region's first fintech start-up to use mobile banking technology to provide a range of low-cost financial inclusion options to low-income workers
Now Money has closed its bridge funding round with a total of $1.46m. In addition to recent US venture capital investment, this funding round includes $700,000 from Dubai-based Venture Capital firm, Myrisoph Capital.
Other contributions have come from private investors and MENA-based Women's Angel Investor Network (WAIN).
Myrisoph Capital focuses on investments into SMEs that want expert advice and mentorship to take their business to the next level. It invests specifically within the team’s core skill-set and expertise, and in territories they know well, ensuring they can provide the best support possible.
WAIN is the first investor network for women in the MENA region. Its goal is to build an informed ecosystem of women investors who support women entrepreneurs in the Arab world.
Co-founder of Now Money, Ian Dillon said: “We have been working with Myrisoph since the beginning of 2017. What struck us about the company was their extensive knowledge and understanding of the Gulf region and their unparalleled expertise and connections within financial services here.
“The positive contributions we are seeing from Myrisoph, WAIN and the private investors - in addition to those from Accion and Newid Capital - are fantastic and are already adding real value to Now Money’s business. We’re thrilled to be closing this round with so much support and belief in the company.”
Now Money is the region’s first fintech start-up to use mobile banking technology to provide a range of low-cost financial inclusion options to low-income workers.
Already an active participant of Abu Dhabi Global Market’s (ADGM) Regulatory Sandbox, Now Money has recently been accepted as one of the first two entrants into the Central Bank of Bahrain’s (CBB) Regulatory Sandbox.
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.