NowNow Digital Systems, a Nigerian fintech startup founded by CEO Sahir Berry and co-founder Mahesh Nair, announced that it has secured $13 million in a seed funding round to scale and expand its service offerings across Africa.
Founded in 2018, NowNow is a leading African B2B and B2C FinTech company whose mission is to deliver best in class financial services to SMEs, Agents and Consumers alike.
The funding round was led by Dubai-based venture capital firm and studio NeoVision Ventures, India-based DLF Family Office and Shadi Abdulhadi.
NowNow has an end-to-end platform of financial products catering to agents, individual consumers and small businesses. It provides agency banking services and consumer-facing product where people can send and receive money, pay bills and access value-added services such as insurance and lending via a debit card and a wallet in an app.
NowNow says it is currently serving 200,000 customers with a view to increasing to 1 million by the end of this year. “We’re on track to transact a GMV of about $5 billion by the end of this year across all platforms,” says Berry.
NowNow says it will use its funds to grow its platform, team and marketing initiatives and introduce new products to enhance its existing consumer banking, agency banking, and merchant payment solutions. It also intends to expand into two new countries – Angola and Liberia.
Sahir Berry says, “We want to work in countries where we find that the infrastructure is paralyzed and requires fintech to step in and see what solutions can be provided to solve the situation. Angola is one of those places where we found that the digital payment space is pretty far behind and we might launch there over the next month. Liberia is another country where we are gearing up to set operations.”
