Nigerian fintech startup, NowNow Digital Systems has raised $13 million in a seed fund round. The funding round saw participation from NeoVision Ventures Ltd., DLF Family Office and Shadi Abdulhadi.
In a statement shared with Technext, the company has stated that it will use this money to improve financial inclusivity across Africa and drive empowerment, as well as introduce new products that will further enhance its already existing services.
This follows a year in which it was named the Best Mobile Fintech Solution in the 2021 Leaders in Fintech Awards. The fintech startup is on a mission to create the best technology in the world for digitising cash payments in Africa and for Africans.
Speaking about the raise, Sahir Berry, CEO and co-founder of NowNow Digital Systems, reminded users that the company is committed to reaching its goal.
“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”
The fintech firm was the only African startup chosen for the latest Mastercard Start Path Global programme cohort. The programme was created to assist startups on their global scaling journeys in the financial services industry.
As part of their commitment to enabling seamless financial services in Nigeria, the fintech startup launched a first-of-its-kind fully integrated Near Field Communication (NFC) enabled wallet in 2017, allowing the startup to offer a complete contactless payment service
Commenting on the raise, Gary Peters, Managing Partner at Capital V Ltd 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. 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 Digital Systems Ltd was founded in 2018 by Sahir Berry (CEO) and Mahesh Nair (COO). Sahir previously worked at Sportwagen Performance New Delhi as the Managing Director. Mahesh has over 15 years of diversified global career with expertise in handling high revenue generating business across African & Indian markets with previous stints at Airtel and Vodacom.
Now, the startup has grown to become a notable African digital banking platform.
According to the team, the mission is to deliver best-in-class financial services to SMEs, agents, and consumers through a digitised ecosystem, providing financial empowerment to Africans while eliminating the traditional banking experience
it recently collaborated with the Lagos Business School (LBS) and Sustainable Inclusive Digital Financial Services (SIDFS) to launch a financial education and literacy program aimed at driving financial inclusion growth in Nigeria.
NowNow Digital Systems also plans to use SIDFS’s rich data, library content, and resources to provide its customers with financial and digital literacy tools to ensure smart financial planning.