NowNow Digital Systems, a Nigerian fintech startup, has raised a $13 million seed round to boost financial inclusion across Africa by providing financial services to the unbanked and underbanked on the continent. The funding round was led by NeoVision Ventures Ltd., DLF Family Office, and Shadi Abdulhadi.
The company says that the funding will help it introduce new products that will further enhance its already existing consumer banking, agency banking, and merchant payment solutions. Additionally, the funding will go into building more financial inclusion digital solutions as well as expanding its services across Africa to Angola, where the financial literacy rate is 15%, Liberia, and Equatorial Guinea.
Founded in 2020 by Sahir Berry and Mahesh Nair, NowNow aims to democratise the mobile wallet space in Nigeria and Sub-Saharan Africa. It provides banks and MNO agnostic online platforms to recharge any mobile, pay bills, utilities, send/receive money and pay@shop directly to merchants. The amount paid by consumers is returned in the form of cashback and coupons making the recharge almost free.
According to the founders, NowNow operates in the B2B sector by offering its platform-as-a-service to enterprises as well as in the B2C sector by offering agency banking to consumers and small businesses. The company claims that it has over 50,000 agents in Nigeria who help customers send and receive money and pay for bills and airtime. Customers can also do these on their own as well as access services such as insurance, loans, and a wallet through the company’s app.
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.”
