[Nigeria] FIntech startup NowNow raises $13 million
Nigerian fintech startup NowNow Digital Systems has raised $13M in its seed round for expansion across Africa.
The company was founded in 2016 by CEO Sahir Berry and co-founder Mahesh Nair to expand financial inclusion and spur job creation. NowNow later launched a mobile wallet and went fully into the market the following year with its own platform.
The company has an end-to-end financial ecosystem with products that cater for agents, individual consumers and small businesses. With a network of 50,000 agents across Nigeria, providing financial services, the company has gone to great lengths in an attempt to provide Nigerians with services such as sending and receiving money and paying bills.
“It’s an end-to-end integrated platform for SMEs, including logistics and we are the first company in Nigeria to provide such an end-to-end platform,” Berry said, adding that their technology goes beyond the platform because they have built it own IP.
“We’ve also become a BaaS company providing our product to multiple fintechs in Nigeria and Africa,” the CEO says,” We also have renowned financial institutions that use our products to offer a white-label solution to their customers. So that mitigates the risk in that we are playing in the consumer and the B2B space.”
NowNow aims to grow its platform with the new funding, building a team and aggressive marketing to scale the company. There is also a lineup of new products that the company aims to introduce to enhance its existing consumer banking.
“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.” Berry expounds.