NowNow Digital Systems Secures $13 Million in Seed Round

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NowNow Digital Systems, a fintech startup in Nigeria, has sealed a $13 million seed round to introduce new products.

The money will be used to grow the company’s platform, staff, and marketing. To complement its current consumer banking, agency banking, and merchant payment solutions, it also plans to introduce new products.

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The round was led by NeoVision Ventures, with participation from several other VCs and angels, including DLF Family Office and Shadi Abdulhadi.

NowNow is an embedded finance platform with a full financial ecosystem for agents, individual consumers, and small businesses. It was founded by Sahir Berry (CEO) and Mahesh Nair (co-founder).

Its flagship product involves over 50,000 agents across the country who provide Nigerians with financial services such as money transfers and bill payments.

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NowNow also has a consumer-facing product that allows people 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.

Kuda, Carbon, and FairMoney are similar digital banking providers in the space. However, NowNow plans to differentiate itself from the competition by developing near-field communication-enabled technology.

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