UAE-based Now Money will represent the Gulf region in the final of a global social enterprise competition in Los Angeles. Now Money, a mobile banking app for low-income migrant workers who might be excluded from the financial system, earned its place in the final at the regional final this year.
The app, co-founded by CEO Katherine Budd and Ian Dillon, provides users with a current account, as well as a remittance marketplace, where people can compare rates and send money back home directly from the app. The 30 finalists will head to Los Angeles in July to compete for a share of USD 1 million price in the Chivas Venture, a global search to discover and reward the world’s most promising social entrepreneurs.
From Monday 1st May to Sunday 4th June, the public will be able to show their support for their favourite finalist through a live vote. Over the course of five weeks, the public’s vote will determine how the first USD 250,000 in funding is split among the finalists. The winner(s) of the remaining USD 750,000 in funding will be decided on Thursday 13th July at the Chivas Venture final in Los Angeles, after a high-stakes pitch in front of the judges and a live audience.
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