The UAE-based startup NOW Money has secured an investment of USD 700,000 from two US venture capital Firms – Accion Venture Lab and Newid Capital. Both investors have a proven track record in supporting fintech startups oriented to financially underserved.
The fresh capital injection comes a year after NOW Money’s initial seed round which allowed it to expand the team and invest in technology and branding. The company also plans to expand its operations across the UAE and beyond.
For Accion Venture Lab, this is its first deal in the Middle East. It is also its first chance to focus on low-paid migrant workers, commented Amee Parbhoo, Director of Investments at Accion. Newid Capital’s Nigel Morris added he was excited to become part of such a big social impact in the region.
Both investors agreed they chose NOW Money because of its innovative approach to serve the 26 million unbanked people in the GCC.
Ian Dillon, the co-founder of NOW Money commented:
Having what’s understood to be the first early stage investments from U.S. venture capitals into the Middle East is a testament to the opportunities available here and how far the GCC has come in making itself a destination for investment. We hope this will be the first of many U.S. venture capital investments in the region and will help grow the ecosystem further.