NOW Money Closes New Investment Round
NOW Money caters to unbanked migrants workers in the GCC.
Payroll and remittance platform NOW Money completed a funding round led by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine, the company announced in a press release. The firm did not disclose the value of the investment.
Nutter was appointed Chairman of NOW Money, and Andine, currently CEO of EmiratesHR, was named CEO of NOW Money. Andine will be responsible for growing the company, increasing its product offerings, and improving operations.
Established in 2016, NOW Money was co-founded by Katharine Budd and Ian Dillon to facilitate financial inclusion for low-income migrant workers in the GCC using mobile banking to offer accounts, low-cost remittance transfers and financial literacy services to employees. It also offers employers an end-to-end payroll portal.
NOW Money recently announced that it is the region's first fintech to offer the National Payments Corporation of India's UPI remittance option, which provides instant money transfers to India, according to the press release.
In 2021, NOW Money raised $7 mn for expansion into Saudi Arabia.
Dubai-based British entrepreneur Mark Nutter established Seven Group - the employee benefits and human resource group - in Dubai in 2018. The group owns Seven Insurance Brokers division, which advises corporates on employees' medical policies, and Yomly (formerly EmiratesHR), which provides corporates with HR management systems, including payroll and employee benefits.
