Nowmoney

NOW Money is a Dubai-based financial technology company that pairs a payroll portal for employers with branchless mobile bank accounts for their employees, positioning itself as the UAE's first digital payroll and mobile banking service built specifically for businesses that employ low-income workers. Employers upload salary files through a web portal, which NOW Money validates before disbursing funds; both WPS and non-WPS payroll solutions are offered, and the company states its service helps employers remain compliant with payroll regulations.

Employees receive a mobile app and a contactless payment card, with no minimum balance and no fee for account use. App features include balance and transaction visibility, cross-border remittance through a marketplace of FX and payout partners, peer-to-peer transfers between NOW Money accounts, local and international mobile top-up, bill payments, savings accounts, and card freeze/replacement. The company also delivers in-person onboarding and financial literacy training for workers. Its stated target segment is employees earning AED 5,000 per month or less, though it says it can serve other salary levels. Customer support is available via a toll-free line staffed by a team covering a collective 10 languages, plus email and in-app chat. NOW Money describes itself as PCI compliant and says it partners with UAE entities licensed and supervised by the Central Bank; technology is built in-house.

Founding story

NOW Money was founded in 2016 by Katharine Budd and Ian Dillon, both former bankers, with the stated mission of simplifying access to financial services. Budd has said the company initially met skepticism about a digital financial service in the region, but that the success of mobile money in South and East Asia supported the view that mobile banking could serve people overlooked by traditional Middle Eastern banks.

Business model

NOW Money sells to employers, which route the salaries of their low-income staff into NOW Money accounts; accounts are free for employees with no minimum balance. Employees are issued contactless cards (referenced variously as Visa and Mastercard) and can send money abroad through an in-app remittance marketplace with competitive transfer charges. Banking capability is delivered in partnership with licensed institutions, including Commercial Bank International, rather than under the company's own banking licence.

Traction

The company's website reports 10,970,647 transactions processed through its platform and AED/USD-unspecified salary payments of 2,807,504,300 paid by over 510 employers. The Android app lists more than 100,000 downloads. NOW Money states it has won over 20 international awards for financial inclusion.

Latest developments

In 2024 NOW Money announced a $4 million equity round (June), a partnership with Mastercard (July) and strategic partnerships with Commercial Bank International and Network International (August). The company's media page also lists the appointment of Matt Jennison as Head of Financial Inclusion.