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Ahsan Ullah moved from his home country of Pakistan to Dubai to find work as an electrician. Like many other people who have relocated to the Gulf Coast region for better work opportunities, he sends 75 percent of his salary back home to his family in Pakistan. Ahsan found a way to transfer money overseas in <a href="https://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, the first digital banking solution for low-income migrant workers in the Gulf Cooperation Council (GCC). He uses NOW Money’s app to transfer the money he earns servicing cable cars and other machinery, and his family receives it the next day.

When Accion Venture Lab first invested in NOW Money in 2017, we were <a href="/invested-in-now-money" target="_blank" rel="noopener noreferrer">incredibly excited</a> by the company’s vision to tackle the challenges its customers, migrant workers in the GCC, faced. These customers have unique financial needs as they often earn just $200 to 300 a month and typically send 70 percent of those wages to family members back home. The traditional financial infrastructure in the GCC prevents these workers from accessing bank accounts, excluding them from the cashless economy. Without a digital banking solution like NOW Money, workers like Ahsan have to wait in line for hours to send much-needed money back home to their families.

[caption id="attachment_23786" align="alignright" width="450"]<img class="wp-image-23786" src="https://content.accion.org/wp-content/uploads/2021/04/now-money-kat-budd-ian-dillon.jpg" alt="NOW Money co-founders" width="450" height="253" /> NOW Money was founded in 2015 by Katharine “Kat” Budd and Ian Dillon.[/caption]

The last 12 months of the COVID-19 pandemic have only made those realities tougher, as the brick-and-mortar institutions often relied on by this population temporarily closed, all but shutting these individuals out from the financial world. As noted by co-founder Katharine Budd in an <a href="/access-to-digital-finance-is-a-lifeline" target="_blank" rel="noopener noreferrer">episode of our VentureKast podcast</a>, “Having access to digital finance, as long as you’ve got an internet connection, is a lifeline.” Inclusive fintechs like NOW Money are critical to supporting this lower-income and often-overlooked population throughout the pandemic, continuing to provide their products and services safely and digitally.

Accion Venture Lab is pleased to <a href="/uae-based-fintech-now-money-secures-7m-to-expand-digital-banking-solution-across-the-gcc" target="_blank" rel="noopener noreferrer">announce our follow-on investment into NOW Money’s Series A round</a>, to support the company as they continue to build their moat as the first fintech company in the GCC to use digital banking technology to provide access to fairly priced and well-designed financial products to the migrant workers that need them.

To reach these migrant workers, NOW Money partners with businesses to provide an end-to-end digital payroll solution for their employees. They manage the backend for their partner companies and allowing workers to receive their salaries directly into the NOW Money app. NOW Money bundles a suite of relevant, digital financial services into their app, including a contactless-enabled debit card, mobile top-up, bill pay, remittances, and more, aggregating all the services these migrant workers need to manage their financial lives.

We’re excited to continue supporting NOW Money as they disrupt the region’s fintech scene for a few core reasons:
<ul>
 	<li>Focus on an underserved segment: NOW Money continues to target the migrant worker population in Gulf States like the UAE and the broader GCC. The migrant population in the Persian Gulf Coast region is a historically underserved segment. Employers often mistreat their workers, and workers are in dire need of financial services. These workers earn minimal wages — typically ranging is between $200 to 300 per month, depending on occupation — and often live in overcrowded “labor complexes” with poor living conditions. Additionally, today’s UAE banking standards are exclusionary, preventing customers that earn less than 3,600 dirhams per month (approximately $980) from accessing a bank account. As a result, workers often turn to Wages Protection System (WPS) cards, which function as payroll cards with free once-a-month withdrawal from an ATM, but no functionality at merchants.</li>
 	<li>Multi-product, full-service offering: Our team at Accion Venture Lab has been excited about the impact potential of <a href="/7-fintech-trends-to-watch-in-2018" target="_blank" rel="noopener noreferrer">holistic neobank solutions</a> for a while, and NOW Money continues to provide us with the ability to test and learn more about this approach. The company continues to design its product and application with its users in mind, providing positive financial benefits in many ways, including bringing workers into the formal financial system, providing a convenient and competitively priced remittance platform, and increasing access to other digital products to better manage one’s financial life (e.g., mobile top-ups and bill pay). We continue to be impressed by the team’s ability to execute on its product roadmap, and are excited to watch it continue to expand.</li>
 	<li>Digital-first solutions during the pandemic: As the pandemic continues to disrupt life, NOW Money’s customers need these digital products now more than ever. Since the COVID-19 lockdowns began, the company has seen engagement with the app more than double as the pandemic sped up the trend towards digitization. The team has prioritized investing in their user experience and interface during this time by working hand-in-hand with customers to design a product that suits their needs. We believe this digital shift is here to stay and are excited to see the company continue to drive high levels of engagement.</li>
 	<li>Strong future growth potential: While the company has already made significant progress in building its footprint in the UAE, we continue to be particularly excited by its growth potential, both within and outside of its flagship country. Within the UAE, the company’s <a href="https://nowmoney.me/2020/10/commercial-bank-of-dubai-to-partner-with-now-money/" target="_blank" rel="noopener noreferrer">recently announced banking partnership</a> with the Commercial Bank of Dubai will continue to fuel growth. The need for this product is just as acute outside of the UAE, and we look forward to supporting the company as it <a href="https://www.forbesmiddleeast.com/innovation/startups/fintech-startup-now-money-secures-%247m-to-expand-across-the-gcc" target="_blank" rel="noopener noreferrer">brings its suite of products to Saudia Arabia</a> and the broader GCC region.</li>
</ul>
We’re proud to be a part of NOW Money’s journey and growth over the last few years, and we believe that this series A will propel them to financially include even more migrant workers in Gulf Coast countries. As NOW Money continues to grow and scale, they can provide the critical financial tools and services that migrant workers need to support themselves and their families back home.

Migrant workers in the UAE get a digital banking solution

<ul>
 	<li>NOW Money raises $7m in a funding round led by Anthemis Exponential Ventures.</li>
 	<li>Investment will drive NOW Money’s expansion into the Kingdom of Saudi Arabia and beyond.</li>
 	<li>Funding round is the most significant, multinational fintech deal to date in the Middle East.</li>
 	<li>NOW Money provides unbanked workers with access to the digital economy for the first time.</li>
</ul>
Dubai, United Arab Emirates, March 29, 2021 – <a href="https://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, the GCC’s first digital banking solution for low-income migrant workers, has secured $7m in a funding round led by venture investor, <a href="https://www.anthemis.com/">Anthemis Exponential Ventures</a>.

Anthemis Exponential Ventures was joined by a consortium of investors including <a href="https://www.knuru.com/">Knuru Capital</a>, <a href="https://www.wamda.com/en/wamda-investments">Wamda</a>, <a href="https://www.cbd.ae/">Commercial Bank of Dubai</a>, <a href="https://fintechfund.difc.ae/">DIFC FinTech Fund</a>, <a href="https://www.accion.org/">Accion Venture Lab</a>, <a href="http://greenhousecap.com/">Greenhouse Capital</a> and <a href="https://www.hambroperks.com/">Hambro Perks Oryx Fund</a>, amongst others. NOW Money also received supporting funding from <a href="https://www.expo2020dubai.com/en/programmes/expo-live">Expo 2020</a> and card scheme, <a href="https://ae.visamiddleeast.com/en_AE/visa-everywhere/fintech.html">Visa</a>.

The funding raised by NOW Money is the most significant, multinational fintech deal to date in the Middle East.

The cash injection will initially be used to drive NOW Money in the Kingdom of Saudi Arabia, beginning with strategic new hires and local infrastructure in Riyadh. In addition, the funding will enable NOW Money to develop its service offering and enable it to continue its exponential growth in the UAE.

Founded in 2016, NOW Money is the first fintech company in the Gulf to use mobile banking technology to provide accounts, low-cost remittance, and other financial services to migrant workers.

Co-founder of NOW Money, Ian Dillon, said: “This funding is a significant milestone for NOW Money. We are eager to build on our progress to date and realize our vision of creating a world where everyone has instant access to financial services they can, and want, to use. The investment has brought us the financial support needed to scale our expansion plans across the GCC, as well as strategic value and partnerships from each of our investors.

“There is no venture capital better placed than Anthemis Exponential Ventures to have led this deal, especially alongside other such high calibre Western and Middle Eastern funds. Two of our key partners, Commercial Bank of Dubai and Visa, have also played a critical role.”

The deal was led by Vica Manos of Anthemis Group, the world’s leading fintech investor, committed to cultivating change in the financial system.

Vica Manos, Partner at Anthemis Group, said: “One of the most impactful actions a company can take is to provide fair and sustainable access to finance, and NOW Money does exactly that. By opening up financial services to some of the most deeply left-out individuals, we’re confident that Katharine, Ian and the rest of the team can achieve genuine impact, changing the face of financial services in a region that right now is showing tremendous promise."

Alain Dib, CEO of Knuru Capital, said: “We were impressed by how NOW Money has solved many challenges and pain points, working with numerous stakeholders and partners to now be in a position to scale dramatically and bank millions of unbanked. We are very excited to be part of the journey.”

NOW Money partners with businesses to provide an end-to-end digital payroll solution. Every company has access to a unique payroll portal - a hassle-free way to transfer employee salaries and other financial-based rewards – and every employee is issued with a contactless-enabled Visa card and receives their salary directly into the NOW Money app. NOW Money gives all customers in-app access to low-cost financial services including mobile top-up, bill pay and remittance, the latter of which enables a quick, safe and cost-effective way to remit money overseas.

Katharine Budd, co-founder of NOW Money, said: “When we started NOW Money in 2016, our mission was clear; simplify the world’s financial services. Initially, we were met with skepticism about a digital financial service, but the success of mobile money in South and East Asia gave us faith that mobile banking would be a sustainable solution for the millions of people who find themselves overlooked by traditional Middle Eastern banking options. We are excited to expand our team and build our customer and partnership base to truly democratize financial services and make money easy, for everyone, every day.”

“In 2020, engagement with the NOW Money app doubled as our customers sought to make use of online services like remittances, in-app purchases and transactions. The restriction of movement forced upon the world due to the COVID-19 pandemic accelerated digital as consumers’ transaction channel of choice and these habits are likely to remain ingrained long after Coronavirus. For financial services it has proven that digital solutions are more than a luxury, they are an urgent necessity.”
###

UAE-based fintech NOW Money secures $7m to expand digital banking solution across the GCC

India is a global leader in financial inclusion. For over a decade, Accion has worked with and learned from India’s innovators, investors, and policymakers to expand economic opportunity for its people and businesses.

The majority of Kenyans have mobile money accounts; their activity demonstrates digital financial services’ potential. Accion helps Kenyan innovators harness emerging technologies to create new financial services.

Most of Mexico’s people lack access to a formal bank account. Accion has worked in Mexico for decades to create a thriving and competitive financial sector that embraces innovation and protects its clients.

Though Nigeria’s government has set ambitious goals for financial inclusion, the majority of its people lack a formal bank account. Accion has worked in the country since 2007 to expand access to financial services.

This report is supported by the <a href="https://mastercardfdn.org/">Mastercard Foundation.</a>

<hr />

<h2>Executive Summary</h2>
The COVID-19 pandemic has altered the realities for inclusive fintech startups and the financially underserved customers they serve. Coping with lockdowns and social distancing, low-income people around the world are now turning to fintechs to save money, purchase insurance, or transact remotely. But fintechs are facing their own challenges, including unpredictable funding, a volatile investment market, and a severe economic downturn.

<a href="https://www.kpmg.us/content/dam/global/pdfs/2020/pulse-of-fintech-h1-2020.pdf" target="_blank" rel="noopener noreferrer">Investment funds seized up</a> soon after the pandemic began, and while <a href="https://www.cbinsights.com/research/coronavirus-fintech-financing-impact/" target="_blank" rel="noopener noreferrer">funding has </a><a href="https://www.cbinsights.com/research/coronavirus-fintech-financing-impact/" target="_blank" rel="noopener noreferrer">started flowing again</a>, venture capital may be less reliable and predictable for the foreseeable future. Startups need to focus on extending their financial runways while simultaneously finding ways to grow their businesses.

In the past, many fintech startups have followed a Silicon Valley model of chasing growth through customer acquisition. But customer acquisition can be costly: acquiring a new customer is anywhere from <a href="https://hbr.org/2014/10/the-value-of-keeping-the-right-customers" target="_blank" rel="noopener noreferrer">five to 25 times more expensive</a> than retaining an existing one (without considering opportunities for cross and upsell). Fintech startups should consider alternative pathways to growth, namely via increased usage, uptake, and earnings among existing clients.

This shift to increasing value for users is extremely relevant in the era of COVID-19. Lockdowns and sharp decreases in demand for goods and services have left many families and small businesses extremely vulnerable. These people need more and new financial service innovations to rebuild their safety nets and livelihoods as their savings and inventories have been depleted. Increasing value for these users means finding new and better ways to meet their needs via meaningful, customer-centric value propositions.

This paper features case studies on fintech startups around the world that have successfully grown their value propositions. These startups, all portfolio companies of Accion Venture Lab, illustrate three core strategies for growing value among existing users:
<ol>
 	<li>Motivate increased usage of existing products,</li>
 	<li>Broaden the suite of products specific to users’ needs, and</li>
 	<li>Create a graduation pathway to reward retention.</li>
</ol>
The first strategy seeks to improve the user experience through features that encourage more frequent or in-depth use of products and services. The second strategy requires studying and applying users’ needs to craft a suite of products that address their particular pain points and fulfill more of their needs. Finally, the third strategy boosts value for users by sweetening and improving their terms over time so that they stay engaged. To execute each of these strategies, startups must stay closely attuned to users’ needs and experiences, and apply that knowledge to develop products that meet those needs.

<img class="wp-image-22791 aligncenter" src="https://content.accion.org/wp-content/uploads/2020/11/AVL-MF-paper-graphic-1.png" alt="How fintechs can build value for existing users infographic" width="800" height="420" />

Win from within: How fintech startups can grow by building value for existing users

[embed]https://soundcloud.com/accioninternational/access-to-digital-finance-is-a-lifeline-now-moneys-katharine-budd/s-w1jNrWQIhBj[/embed]

Migrant workers in Gulf States like the UAE often send 70 percent of their earned wages home to their families through remittances each month. When COVID-19 hit the region, the physical bank branches and remittance houses they relied on were shuttered, and migrant workers were ordered to stay home. Their families back in their home countries were left without crucial financial support.

On the third episode of <a href="https://www.accion.org/series/venturekast-rebuild" target="_blank" rel="noopener noreferrer">VentureKast: Rebuild</a>, CEO and co-founder of <a href="https://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, Katharine (“Kat”) Budd, explains that with bank branches off limits, "having access to digital finance, as long as you’ve got an internet connection, is a lifeline.” Brick-and-mortar financial institutions without robust digital services are not positioned to serve customers during the COVID-19 crisis, leaving fintechs with a unique opportunity to fill a need in the market through innovative product offerings.

Kat shares how she built NOW Money, a <a href="https://www.accion.org/invested-in-now-money" target="_blank" rel="noopener noreferrer">digital platform for low-income migrant workers</a> to manage their money and remit money overseas to their families, to be ready to take advantage of this unprecedented acceleration in demand for digital services. She explains that, particularly for the financially underserved, “having access to digital — to be able to still send your money and manage your finances — is vital.”  Fintechs not only provide competitive pricing and convenience through their digital products — what Kat calls “nice-to-haves” — but they have also built safe, consistent, and resilient banking systems that can continue operating while the pandemic prohibits physical services. Kat reminds us that fintechs are, now more than ever, essential tools in uplifting the financially underserved and those who are hit hardest by this crisis.

Please join our host and co-Managing Director of <a href="https://www.accion.org/how-we-work/invest/accion-venture-lab" target="_blank" rel="noopener noreferrer">Venture Lab</a> <a href="https://www.accion.org/bio/vikas-raj" target="_blank" rel="noopener noreferrer">Vikas Raj</a> as he interviews industry leaders every Thursday about how COVID-19 is impacting their work.

"Access to digital finance is a lifeline" - NOW Money's Katharine Budd

Despite the fact that they are wealthy and modern, cities like Dubai in the Gulf Cooperation Council (GCC) actually face a big financial inclusion challenge. There are 8 million foreign-born migrant workers in the United Arab Emirates (UAE) alone, making up some 88% of that country’s total population. These workers come primarily from India, Pakistan, Bangladesh, and the Philippines, and are mostly in low-paying jobs such as construction or domestic labor. Across the Gulf region, migrants have faced tough working conditions and have been historically ignored by financial institutions. They lack access to basic financial services, including bank accounts and fast, convenient remittance channels for sending money to their families back home.
This is where <a class="markup--anchor markup--p-anchor" href="http://nowmoney.me/" target="_blank" rel="noopener noreferrer">NOW Money</a>, <a class="markup--anchor markup--p-anchor" href="http://www.accion.org/uae-based-fintech-start-up-secures-700k-investment-to-advance-financial-services-access-for-underserved-migrant-workers/" target="_blank" rel="noopener noreferrer">Accion Venture Lab’s newest portfolio company</a>, comes in. NOW Money was founded in 2015 by Katharine Budd and Ian Dillon, who were inspired by the digital-only <a class="markup--anchor markup--p-anchor" href="http://www.businessinsider.com/the-digital-only-challenger-banks-explaine-2017-5" target="_blank" rel="noopener noreferrer">“challenger banks”</a> that had begun to emerge across the US and Europe. While the UAE has over 50 banks in operation, none of them are able to reach the country’s massive and underserved low-income migrant population effectively. NOW Money provides a suite of products to its customers: current accounts for depositing and withdrawing wages; debit cards for use at ATMs and for merchant transactions; and a marketplace of online remittance platforms for cheaper and more convenient money transfer services. By reducing the cost of customer acquisition and reaching a relatively untapped market, NOW is able to offer these services (and eventually others) and cost-effectively serve customers that would otherwise be considered unprofitable by traditional banks.
NOW partners and integrates with large employers to pay workers’ salaries directly into NOW Money accounts. The value proposition is strong for both end customers and employers. For customers, NOW offers a suite of products otherwise unavailable in the market. In particular, during our due diligence we saw customers incredibly excited about the digital interface for access to remittances. In the UAE today, some 95% of remittances are cash-based transactions. The workers we spoke with remit 60% or more of their wages to family members in their home countries, and typically have to take time off work, wait in long lines at remittance houses, and pay high fees in order to make these regular transactions.
For employers, NOW provides a less expensive solution for payroll. In addition, the employers we spoke with were motivated to give their employees the benefits NOW offers for both moral and economic reasons. Some employers see a spike in absenteeism the day after pay is disbursed, as employees go to remittance houses. Lastly, many employers, especially in more skilled and technical professions, value NOW as a way to increase employee retention.
Venture Lab is excited to be supporting the NOW Money team as they grow and scale. We invested in the company — our first in the GCC and one of the first early-stage VC deals in the region — for a number of reasons:

<ul class="postList">
 	<li class="graf graf--li">Clear social impact: The migrant population in the GCC is historically underserved by basic financial services. The wages these workers earn are low ($200–300 per month, depending on occupation). Due to banking standards in the UAE, it is very difficult and costly for a customer to open an account if they earn less than $1,300 per month, thereby excluding a vast majority of the migrant worker population.</li>
 	<li class="graf graf--li">Large market with unmet need: The UAE is the third largest market in the world for remittances, trailing only the US and Saudi Arabia. Across the GCC (UAE, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman), the total addressable market is some 25 million low-income migrant workers believed to be remitting about $50 billion annually. The remittance corridors used are some of the most active in the world, and NOW fills a crucial gap by providing customers ease of access and lower costs.</li>
 	<li class="graf graf--li">Innovative “neobank” model: Accion Venture Lab looks to support fintech companies that have innovative approaches to increasing access to and quality of financial services for underserved markets. We have been actively watching the digital-only neobank/challenger bank models around the world and are excited about NOW Money, our very first neobank investment. We’re thrilled to be part of NOW as it expands and aims to become the financial service platform of choice for migrant workers. As NOW truly owns the customer relationship, it will be able to provide incremental value to customers’ financial lives with each further partnership, beyond simply account access and low-cost remittance tools.</li>
 	<li class="graf graf--li">Opportunity to learn from new customers, market, and product: NOW Money would be a first for Venture Lab in a number of ways. Venture Lab has never invested in the Gulf region, and NOW Money could serve as a way to learn about this fast-growing region and its market dynamics. In addition, Venture Lab has investments reaching many kinds of underserved customers, but we have limited experience serving migrant workers, which is a huge market with demonstrated, specific, and relevant financial needs. NOW Money would help us better understand this vast and growing population of underserved customers.</li>
</ul>
As is the case for all of our seed investments, NOW Money is early in its journey, but as investors in the company and proponents of financial inclusion for underserved populations, we are excited about their progress so far and the company’s plans going forward.
<a class="markup--user markup--p-user" href="https://medium.com/u/c50787175cb7" target="_blank" rel="noopener noreferrer">Rob Stevens</a> contributed to this article.

Why Accion Venture Lab invested in NOW Money

<div id="block-system-main" class="block block-system">
<div class="content">
<div class="content-node">
Dubai, August 22, 2017 –<a href="http://www.nowmoney.me">NOW Money </a>has secured an investment of $700,000 from two U.S.-based venture capital investors – Accion Venture Lab, the seed-stage investment initiative of financial inclusion leader Accion, and Newid Capital.
Both Accion Venture Lab and Newid Capital make investments that target the financially underserved.Venture Lab invests capital in, and provides support to, innovative fintech start-ups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Newid Capital focuses on such investments outside of North America and Western Europe.
NOW Money uses mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income migrant workers in the Gulf region. It aims to provide access to affordable financial services for everyone.
The investment comes a year after NOW Money’s initial seed funding, which allowed the company to expand the team and develop the technology and brand. With the latest investment, also a part of its seed round, the team plans to launch the service across the United Arab Emirates and expand into the other Gulf Cooperation Council (GCC) countries.
Co-founder of NOW Money, Ian Dillon said, “Having what’s understood to be the first early stage investment from U.S. venture capital into the Middle East is 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 to grow the ecosystem further.”
“We’re excited to be making such a big social impact in the region. Accion is one of the leading global institutions promoting financial inclusion, and Newid Capital was co-founded by Nigel Morris, who previously co-founded Capital One Financial Services. We’re excited to be working with them to bring financial inclusion to the 26 million unbanked in the GCC,” he added.
“Each year, migrant workers contribute more than $400 billion to their home economies, and the United Arab Emirates is among the top remittance-sending countries in the world,” said Michael Schlein, CEO and President of Accion. “NOW Money’s innovative approach and digital platform provide a faster and safer option for these workers to support their families and communities.”
“Our partnership with NOW Money marks a number of firsts for Accion Venture Lab – our first investment in the Middle East region, our first investment into a wholly-digital neobank, and our first opportunity to focus on reaching low-income migrant workers,” added Amee Parbhoo, Director of Investments at Accion Venture Lab. “As we reach this new group of financially underserved individuals, we’ll look to apply our learnings to Venture Lab’s work around the world.”
In the last 12 months, NOW Money has won six awards, including Chivas’ “The Venture” for the Gulf region. The co-founders Katharine Budd and Ian Dillon speak regularly at fintech events, such as Payfort and Wamda’s <a href="https://www.wamda.com/2017/06/fintech-middle-east-podcast">State of Fintech </a>report, and are featured regularly in publications such as <a href="https://www.entrepreneur.com/article/291944">Entrepreneur Middle East </a>and on the <a href="https://omny.fm/shows/drive-live/industry-insider-30-07-2017">Dubai Eye </a>radio station.
# # #
About NOW Money
NOW uses mobile banking technology to provide accounts, financial inclusion and a range of low-cost remittance options to low-income migrant workers in the Gulf Cooperation Council (GCC) countries, improving their lives and saving them and their families significant money, in a profitable and sustainable manner.
About Accion Venture Lab
Accion Venture Lab is the world’s leading seed-stage investor in fintech for the underserved. Venture Lab invests capital in, and provides support to, innovative fintech start-ups that increase access to, improve the quality of, or reduce the cost of financial services for the underserved at scale. Since launching in 2012, Venture Lab has deployed over US$10 million across more than 25 start-ups that work in over 20 countries worldwide. Venture Lab is a part of Accion, a global non-profit committed to creating a financially inclusive world, with a pioneering legacy in microfinance and fintech impact investing. Accion catalyzes financial service providers to deliver high-quality, affordable solutions at scale for the three billion people who are left out of – or poorly served by –  the financial sector. For more than 50 years, Accion has helped tens of millions of people through its work with more than 90 partners in 40 countries. For further information, visit <a href="https://www.accion.org/venturelab">https://www.accion.org/venturelab</a>.
About Newid Capital
Newid Capital is a direct-investment fund focused on financial services and financial technology companies in developing markets. Through its investments, Newid Capital aims to expand financial services to currently underserved markets and individuals. Newid actively seeks early- and mid-stage start-ups that are looking for investment and operational assistance. Newid is able to leverage personal experience in building, and exiting, financial services companies from the viewpoint of both the entrepreneur and the investor.
Media Contacts:
Bryony Travers (NOW Money)
050 374 1012
<a href="btr">btravers@nowmoney.me</a>
Katie Mounts (Accion)
+1 202.280.5859
<a href="mailto:kmounts@accion.org">kmounts@accion.org</a>

</div>
</div>
</div>

UAE-Based Fintech Start-Up Secures $700K Investment to Advance Financial Services Access for Underserved Migrant Workers