The Venture Codex

Participated · Equity · Mar 2021

Now Money provides digital banking and payroll services aimed at closing the financial inclusion gap for low-income and migrant workers in Gulf Cooperation Council countries. The company offers multilingual mobile applications that enable bill payments, savings accounts, remittances and complements digital services with in-person financial literacy training. It positions itself as a low-cost, secure option for underserved workers and has emphasized product and technology development. The recent funding will be used to expand operations across the region and to improve its technology product offerings. Leadership highlighted the investment as validation of Now Money’s vision and its potential socio-economic impact. The company previously underwent an acquisition in 2023 by Mark Nutter and Nicolas Andine, and continues to scale its inclusion-focused product set. Now Money provides a digital banking solution for low-income migrant workers, featuring accounts, low-cost remittance, and contactless-enabled Visa cards. The company partners with employers to deliver an end-to-end digital payroll solution via a payroll portal that lets companies transfer salaries and financial rewards directly to employees' NOW Money app. Founded in 2016 by Katharine Budd and Ian Dillon and based in Dubai, the fintech serves migrant workers in the UAE. Now Money plans to expand its digital banking solution into the Kingdom of Saudi Arabia, starting with strategic hires and local infrastructure in Riyadh. It also intends to further develop its service offering and continue growth in the UAE. Recently it secured $7M in funding to support these plans. NOW Money uses mobile banking technology to deliver accounts, financial inclusion, and low-cost remittance options to low-income migrant workers across the GCC. The company aims to provide affordable financial services at scale and improve outcomes for the 26 million unbanked in the region. In the last 12 months it has won six awards and its co-founders speak and are featured regularly at FinTech events and publications. A year after an initial seed funding round that helped expand the team and develop the technology and brand, NOW Money secured a further investment of $700,000. With this latest capital—part of its seed round—the team plans to launch service across the UAE and expand into other GCC countries. The company presents a socially focused, digital-first neobank model targeting migrant-worker remittances and financial access.