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Business News of Thursday, 8 September 2022

Source: www.financialnigeria.com

Nigerian fintech startup NowNow raises $13 million in seed funding

NowNow CEO & Co-founder Sahir Berry NowNow CEO & Co-founder Sahir Berry

Nigerian fintech startup NowNow Digital Systems has raised $13 million in its seed round. In a statement announcing the funding on Wednesday, NowNow said it will use the fund to improve financial inclusion across Africa by providing financial services to the unbanked and underbanked in the continent.

The funding round, which was led by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi, heralds NowNow’s plans to scale and expand its service offerings across Africa.

NowNow said it will use its new fund to drive financial empowerment as well as introduce new products which will further enhance its existing consumer banking, agency banking, and merchant payment solutions, adding that the fintech seeks to build the world’s best technology that digitizes cash payments for Africans.

“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,” said Sahir Berry, CEO & Co-founder, NowNow.

“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, Managing Partner of Capital V Ltd, said that one important element that propelled Capital V to invest in NowNow was 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.

NowNow was recently selected to participate in the Mastercard Start Path Global program created to help later-stage startups innovate and scale.