UAE fintech NOW Money secures an undisclosed funding

NOW Money, a fintech based in UAE, has secured an undisclosed amount in funding round, backed by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine, according to a statement shared on Wamda.

The company will use the funds to enhance its product range and streamline its operations.

Nutter, Founder of Dubai's Seven Group, has been appointed as chairman of NOW Money, a company focusing on improving human resources and employee benefits in the GCC while Andine, with 10 years of experience in technology startup scaling, is appointed CEO.

"NOW Money combines a strong social mission to provide banking access to the underserved UAE population with a solid and scalable business model," Andine said.

NOW Money, founded in 2015, offers a UPI remittance option, developed by the National Payments Corporation of India. This option allows money transfers to India.

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It also provides easy access to payroll and banking to the underserved and underbanked immigrant population in the UAE.

The company is also launching a new banking subscription service for migrant workers in the region, simplifying the offering and providing greater value for users.

The ethical fintech also offers in-person financial literacy and education training in the user's native language, demonstrating the company's commitment to financial inclusion and social mobility.