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Business News of Wednesday, 7 September 2022

Source: www.premiumtimesng.com

Nigerian digital system startup, NowNow, raises $13 million in seed round

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NowNow, a Nigerian digital system startup, announced Wednesday it has raised a $13 million seed round.

The funding round was led by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi.

With the new funding, the startup said it will improve financial inclusivity across Africa and drive empowerment, as well as introduce new products that will further enhance its already existing services.

Founded in 2018 by Mahesh Nair and Sahir Berry, NowNow is a Fintech platform that allows users to send and receive money, purchase airtime and pay bills with ease.

It said it focuses on improving Africa’s financial inclusion and helping bridge the gap between the banked and unbanked in Nigeria.

The startup said it has always worked relentlessly to carefully create for its consumers a dynamic ecosystem of experiences within and beyond mobility.

Speaking on the funding round in a statement, the CEO and Co-founder, Sahir Berry, said: “Today 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.

“The credit facility will also support our unique strategy to advance financial inclusion and independence through financial education. The interest and backing of our investors will enable us to grow our world-class team as we would be unveiling innovative products and services.”

Gary Peters, the 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 inception in 2018.

“Its core business and vision of digitizing the African region through facilitating daily payment services is also another important element.

“Whenever we meet a company founder like Sahir Berry, whose leadership’s vision aligns with Capital V’s fund of funds strategy to back disruptive and high-potential start-ups, especially in emerging markets like Africa, the decision process becomes easier.”