It is undisputed that the most prevalent startup business models in Nigeria are fintech. There are currently about 150 fintech startups in Nigeria, simplifying financial services and increasing seed rounds to scale.
Now digital system has raised a $13 million seed round from a fast-growing Nigerian fintech startup to improve financial inclusion across Africa by providing financial services to the unbanked and unbanked on the continent.
Through this new funding, the company announced that it will help them advance their financial mobility and introduce new products that will further enhance their existing consumer banking, agency banking and merchant payments 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.
NowNow CEO and co-founder Sahir Berry shared the company’s renewed commitment and vision to financially include everyone.
“Today we announce that we have entered the next phase of our commitment to advance access to finance and empowerment for Africans in the last mile.
“With the funding secured, we aim not only to offer services that are financially inclusive for everyone, but also to expand our agile ecosystem, ensuring our multi-dimensional offering remains market-leading.
“The credit facility will also support our unique strategy of advancing financial inclusion and independence through financial education. The interest and support of our investors will allow us to expand our world-class team as we would introduce innovative products and services.”
Capital V Limited Managing Partner Gary Peters said:
“One of the key elements that led us to invest in NowNow through one of our funds is based on the founders’ persistence in bringing the company to a profitable level and weathering many challenges and market cycles since its inception in 2018.
“The core business and vision to digitize the African region by facilitating daily payment services is another important element.
“Every time we meet a founder like Sahir Berry, whose leadership vision aligns with Capital V’s fund-of-funds strategy of backing disruptive high-potential startups, particularly in emerging markets like Africa, the decision-making process becomes easier.”
“NowNow is focused on solving everyday financial challenges by creating the largest fintech ecosystem in Africa and supporting the goal of financial inclusion on 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 the NowNow seeding round will focus on improving Africa’s financial inclusion and helping to close the gap between unbanked and unbanked banks in Nigeria. The African B2B and B2C FinTech company recently partnered with Lagos Business School (LBS) Sustainable Inclusive Digital Financial Services (SIDFS) to initiate a financial education and literacy program aimed at supporting the growth of financial promoting inclusion in Nigeria.
NowNow will leverage SIDFS’ rich data, library content and resources to provide its clients with financial and digital literacy tools to ensure intelligent financial planning.”