NowNow Digital Systems, a Nigerian fintech startup, has sealed a $13 million seed round to expand its services across Africa and improve financial inclusion in the continent.
Africa by providing financial services to the unbanked and underbanked on the continent.
With plans to provide financial services to the banked and unbanked, NowNow says the funding will enable it to introduce new products that will further boost its existing consumer banking, agency banking, and merchant payment solutions.
NowNow says the funding will allow it to launch new products to improve its existing consumer banking, agency banking, and merchant payment solutions. The company wants to offer financial services to people who have and don’t have bank accounts.ch was the basis for its market entry in 2018.
But Berry says the company is now an embedded finance platform with a full financial ecosystem for agents, individual consumers, and small businesses.
Its main product is a network of more than 50,000 agents all over Nigeria who help people with things like sending money and paying bills.
Read also: Lami Secures $3.7 Million Funding
NowNow also has a consumer-facing product that enables users to send and receive money, pay bills, and access value-added services such as insurance and lending through an app-based debit card and wallet.
Users with smartphones and feature phones can access the service. Nonetheless, users with the latter will need to visit agents to access other services.
The founders say NowNow differs from its competitors, such as Kuda and TeamApt because it developed near-field communication-enabled technology. The company has a proprietary infrastructure on its open API network and an open API network that other financial institutions use to provide access to different markets locally and internationally.
Nigeria’s Anchor Launches its Public Beta and Secures $1 Million in Pre-Seed Funding
The founders of NowNow say that it is different from competitors like Kuda and TeamApt because it has technology that allows for near-field communication. and tap from wallet to wallet.
NowNow plans to reach 5,000 SMEs by the end of 2022. Besides, it claims to serve up to 200,000 customers and hopes to reach 1 million by December.
In the near future, NowNow plans to expand into African markets, particularly Liberia, Angola, and Equatorial Guinea.
