NowNow Digital Systems, a Nigerian fintech startup, has raised $13 million in its seed round to improve financial inclusion across Africa by providing financial services to the unbanked and underbanked in the continent.
With the newly secured funds, NowNow will drive financial empowerment as well as introduce new products which will further enhance its already existing consumer banking, agency banking, and merchant payment solutions.
The funding is led by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi to boosts NowNow’s plans to scale and expand its service offerings across Africa.
Equipped with a rapidly growing product suite and highly agile technology platform, the fintech startup seeks to build the world’s best technology that digitizes cash payments for Africans.
Sahir Berry, CEO, and Co-founder at NowNow shared NowNow’s renewed commitment and vision to include everyone financially. “We announce that we have moved to the next stage of our commitment to drive financial access and empowerment for Africans at the last mile.”
“With the secured funding, we look to not only provide services that include everyone financially but also upscale our agile ecosystem which ensures that our multidimensional offering remains a market leader,” Berry said.
He further stated that the credit facility will also support our unique strategy to advance financial inclusion and independence through financial education, and the interest and backing of our investors will enable us to grow our world-class team while unveiling innovative products and services.
However, the company is focused on solving everyday financial challenges by creating the largest fintech ecosystem in Africa and supporting the continent’s financial inclusion goal.
Also, the innovative fintech platform was recently selected to participate in the Mastercard Start Path Global program created to help later-stage startups innovate and scale.
Furthermore, proceeds from NowNow’s seed round will focus on improving Africa’s financial inclusivity and help bridge the gap between the banked and unbanked in Nigeria.
The African business-to-business (B2B) and business-to-customer(B2C) fintech company, recently partnered with the Lagos Business School’s (LBS) Sustainable Inclusive Digital Financial Services (SIDFS) to initiate a financial education and literacy program aimed at driving Nigeria’s financial inclusion growth.
NowNow noted that they will utilize SIDFS’s rich data, library content, and resources to provide financial and digital literacy tools for its customers to ensure smart financial planning.
According to Gary Peters, managing partner of Capital V Ltd, said, “One of the key elements that propelled us to invest in NowNow through one of our funds is based on the founders’ tenacity to grow the company to a viable level, as well as overcoming many challenges and market cycles since its launch in 2018.
“Its core business and vision of digitizing the African region through facilitating daily payment services is also another important element,” he said.
In addition, NowNow is on a mission to deliver best-in-class financial services to SMEs, banking agents, and consumers, and to provide financial empowerment to Africans.