{"id":93037,"date":"2024-06-13T00:00:00","date_gmt":"2024-06-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/now-money-raises-usd-4-mn-in-equity-round\/"},"modified":"2024-06-13T00:00:00","modified_gmt":"2024-06-13T00:00:00","slug":"now-money-raises-usd-4-mn-in-equity-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/13\/now-money-raises-usd-4-mn-in-equity-round\/","title":{"rendered":"Now Money raises USD 4 mn in equity round"},"content":{"rendered":"

Dubai-based digital payroll fintech <\/strong>Now Money<\/a><\/strong> raised USD 4 mn<\/strong> in its latest equity round, marking its second funding round since it was acquired in a move led by Dubai-based entrepreneurs Mark Nutter and Nicolas Andine, according to a statement<\/a>. The investors for this round were not disclosed.<\/p>\n

What will the funds be used for? <\/strong>The startup plans to scale up its operations and strengthen its technology product offerings, which aim to provide digital banking solutions for low-income workers in the GCC, especially migrant workers. <\/p>\n

About the startup: <\/strong>Through a mobile application available in multiple languages, the startup provides migrant workers with access to remittances, bill payments, and savings accounts. It also provides in person financial literacy training aimed at \u201cvulnerable\u201d groups.<\/p>\n

OTHER STARTUP NEWS-<\/p>\n

Adia invests in Indian retailer Purplle:<\/strong> Abu Dhabi Investment Authority (Adia) led a USD 100 mn funding round for Mumbai-based beauty retailer Purplle<\/a>, Indian Economic Times<\/a> reports, citing sources familiar with the matter. The outlet said the investment is a mix of primary and secondary investment. <\/p>\n

Background: <\/strong>The startup reportedly held talks with Adia in April for the USD 100 mn investment through a secondary transaction, Indian news outlet Mint<\/a> reported. <\/p>\n

What does Purplle do?<\/strong> Founded in 2012 by Manish Taneja (LinkedIn<\/a>) and Rahul Dash (LinkedIn<\/a>), the e-commerce platform offers various beauty and personal care products. The startup is eyeing a public listing by early 2026. <\/p>\n

Adia and Purplle are no strangers:<\/strong> This funding marks Adia\u2019s second investment in the Indian startup, following its previous USD 50-60 mn investment in Purplle in May<\/a> 2023. During the same month, the sovereign wealth fund acquired a stake<\/a> in the beauty retailer from JSW Ventures.<\/p>\n","protected":false},"excerpt":{"rendered":"

The money will be used to to scale up its operations and enhance its technology product offerings<\/p>\n","protected":false},"author":1,"featured_media":93038,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1548],"tags":[7,79,78,147],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93037","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam-uae","tag-fintech","tag-startup-watch","tag-startups","wpautop","entry"],"acf":{"mongo_id":"868613e2-373b-4322-be71-d44ee4498444","order":"10","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/6\/1249.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai-based digital payroll fintech Now Money raises USD 4 mn","related_issue":[93019],"teaser":"The money will be used to to scale up its operations and enhance its technology product offerings","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.f5e36a68-6cac-42bd-8f9b-0d7e2c447ef3.mp3"},"yoast_head":"\nNow Money raises USD 4 mn in equity round - 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