Recently there has been a wave of altruistic financial technology companies that aim to make underserved parts of the population better off. Fintechreviews.co.uk has already reported on one such company called Juvo. Juvo is a credit-building service that aims to give financial identity to people who otherwise wouldn’t have access to such things.
Juvo does this by utilising prepaid mobile phone cards, allowing for top-ups to be counted towards a credit rating, which can then later be used to access life-changing financial services.
The focus of this review on fintechreviews.co.uk is NOW Money. NOW Money is a mobile banking facility aimed at low-income migrant workers in the UAE, a vastlyunderserved part of the population. The service provides bank accounts for workers that usually wouldn´t have access to such financial services.
NOW Money´s cash injection
Fintechreviews.co.uk reports that NOW Money has secured a $700,000 investment from two USA based venture capital investors. With the investment, NOW Money aims to roll out its service to more and more of the Gulf region’s underserved population.
NOW Money´s user base has grown rapidly to over 4,000 users. Thanks to this new funding from their venture capital investors, Newid Capital and Accion Venture Lab, the company expects a large amount of growth.
Katherine Budd, the company’s co-founder said: “We’re incredibly pleased to have secured funding from the US. Financial exclusion is a global problem, and we can’t wait to work alongside Accion Venture Lab and Newid Capital, who work tirelessly to eradicate the issue.”
NOW Money’s other co-founder Ian Dillon says that their company is the first UAE- based company to receive early stage investing from the USA.
The company’s ethics line up to the UAE´s current goals concerning employee´s welfare, especially considering low-income migrant workers, who work tirelessly to improve the country’s infrastructure.
Providing banking solutions for everyone is the company’s main goal and the key to providing these solutions and facilities is making them affordable for even low-income migrant workers to access.
For more interesting reviews of up and coming financial technology companies, do keep checking back here at fintechreviews.co.uk.