A Nigerian startup, NowNow Digital Systems, has raised $13M in seed funding to provide financial services to the unbanked and underbanked in Africa.
The tech firm’s financial inclusion campaign was heralded NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi, which led the funding round.
NowNow plans to scale and expand its service offerings across Africa with the newly acquired fund, adding that it will drive financial empowerment
The FinTech company also said it will introduce new products which will further enhance its already existing consumer banking, agency banking, and merchant payment solutions.
Equipped with a rapidly growing product suite and highly agile technology platform, NowNow seeks to build the world’s best technology that digitizes cash payments for Africans.
Commenting on the fundraising, CEO & Co-founder of NowNow, 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.”
Managing Partner of Capital V Ltd, Gary Peters, 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.”
NowNow is focused on solving everyday financial challenges by creating the largest fintech ecosystem in Africa as well as supporting the financial inclusion goal in the continent. 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.