There is no disputing the fact that the most prevalent startup business models in Nigeria are fintech. Presently, there are about 150 Fintech startups in Nigeria that are simplifying financial services as well as raising seed rounds to scale up.
NowNow digital system, a fast-growing Nigerian fintech startup has raised $13 million in a seed round to improve financial inclusion across Africa by providing financial services to the unbanked and underbanked on the continent.
Through this new funding, the company disclosed that it will help them drive financial empowerment, as well as introduce new products that will further enhance its already existing consumer banking, agency banking, and merchant payment solutions.
The funding round was led by NeoVision Ventures Limited, DLF Family Office, and Shadi Abdulhadi as NowNow plans to scale and expand its service offerings across Africa.
CEO & Co-founder, NowNow, Sahir Berry, shared the company’s renewed commitment and vision to include everyone financially.
“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 Limited, 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.
“Proceeds from NowNow’s seeding round will focus on improving Africa’s financial inclusivity and help bridge the gap between the banked and unbanked in Nigeria. The African B2B and 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 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, “it stated.