How Now Money revolutionised banking for the unbanked and became one of the GCC’s most successful fintechs
We want to discover the next generation of world-class tech scaleups tackling the most complex business challenges being faced by our clients today. Our primary goal is to help create and maximise sustainable impact for our clients, across industries, bridging the gap between ambitious technology businesses and key financial service clients in the region. Mark Stanley speaks with Ian Dillon of Now Money on how they have revolutionised banking for what was considered an “unbankable population”.
Our focus is to develop home grown talent to improve the sophistication of the domestic market, but to also attract and support international businesses with ambitions to operate in this region. We have an exceptional network that we can deploy to accelerate their discovery and success.
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Summary
In our series ventures perspectives; we speak to entrepreneurs and senior leadership from the flourishing Middle East tech ecosystem as well as industry experts about startup valuations, growth strategy and global expansion plans.
According to our guest Ian Dillon, Co-Founder of Now Money, a company utilising financial technology to provide branchless accounts to everyone, there are approximately 25 million low income workers across the Gulf countries that are considered ineligible for a bank account as they cannot reach minimum salary requirements.
Financial inclusion is a major step towards inclusive growth. It helps in the overall economic development of the underprivileged, which helps society overall and is one of the complex challenges PwC Middle East is working alongside our clients to address.
Mark Stanley, Financial Services Partner, PwC Middle East, discusses with Ian how Now Money has revolutionised banking for what was considered an “unbankable population” and became one of the GCC’s most successful FinTechs, and how PwC Middle East accelerated their growth in the region.
With a clear vision and mission, Ian took the leap from a safe and certain career in financial banking, to the world of uncertainty as a startup entrepreneur. Mark and Ian discuss how a clear vision has helped Now Money build meaningful partnerships in the regional banking ecosystem as well as attracting and retaining talent. We learn about how the focus on building a native mobile application; tailored to multiple demographics across nine languages of customers based in the region, attracted the interest of Accion; a financial inclusion focused venture capital firm. Building international relationships led to an introduction to a joint venture between the Bill and Melinda Gates Foundation and design agency, IDEO.
Mark and Ian discuss how Now Money are working to dispel misconceptions about their focus market and the bias that surrounds assumptions around accessibility to technology and digital literacy. By simply considering needs in the design of the app, engaging their customer base and gathering feedback along every step of the development journey, Now Money has a more engaged and retentive customer base.
Ian shares his experience for fellow founders seeking to establish their FinTech in the region, and his learning that there is no silver bullet or no quick route to success. He learned that often-time, when offered that early on, it was very unlikely to happen. Whether with partners or sponsors, investing time in finding those that are aligned with your vision and your values leads to sustainable growth.
Now Money’s goal of being a pan regional player, covering the needs of all of the migrant workers throughout the Gulf region is well on its way to being realised and their long term ambition as the absolute pinnacle service provider for their customers.
PwC wants to discover the next generation of world-class tech scaleups tackling the most complex business challenges being faced by our clients today. If you are a fast growing startup addressing the financial services sector in the region, reach out to us.
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