NOW Money has closed a new financing round led by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine.
Nutter founded the Seven Group in Dubai in 2018 which is dedicated to improving Human Resources and Employee Benefits across the GCC. Its Seven Insurance Brokers division advises corporates on their Employees’ medical policies, while Yomly provides corporates with a complete Human Resources Management System, handling payroll and employee benefits across the region.
As part of the investment round, Nutter has become the Chairman of NOW Money and Andine has been appointed as CEO to grow the business, expand its product offerings and improve its operational excellence. Dubai based French national Andine has 10 years of experience in scaling technology startups and is currently CEO of Yomly and will continue in this role whilst undertaking the CEO role at the inclusive banking platform, bringing with him his vast local and international contacts.
Andine comments: “We were attracted by the unique proposition of NOW Money, combining the strong social mission of bringing banking access to the underserved 1.7million population of the UAE combined with a solid and scalable business model.
“We believe the business is perfectly aligned with the initiatives of the government and its value proposition offers a unique path for socially responsible employers to support the financial wellbeing and ultimately mental and physical health of their workers.”
NOW Money has recently announced it is the first FinTech in the region to offer the UPI remittance option, developed by the National Payments Corporation of India, which offers an instant, cost-effective option for money transfers to India. It also offers easy access payroll and banking to the wider underserved and underbanked immigrant population in the UAE by working with employers to provide a unique service with low remittance and banking fees to multiple countries which are below the United Nations’ industry recommended standard.
The company is also launching a new banking subscription service which is the first of its kind for migrant workers in the region. The model will simplify the NOW Money offering, making it easier for the end user to navigate, budget and stay in control of their finances whilst getting greater value from their subscription.
The ethical FinTech also provides in person financial literacy and education training in the end user’s native language, demonstrating the company’s clear commitment to financial inclusion and social mobility for all.