The GCC remits over $100bn annually. More than half is sent by the low-income migrant workforce, predominantly Indians, Pakistanis, Filipinos and Bangladeshis. These workers make big sacrifices to move to the Gulf, but do not meet minimum salary levels required to open a traditional bank account, excluding them from the financial system. 98% have smartphones but they are still limited to using expensive physical exchange houses for the remittances they make to their families, typically charging them 10%+. NOW Money uses mobile banking technology to provide convenient accounts and low-cost remittance to these workers, offering them financial inclusion and substantial savings, and profitably capturing minimum 10% of the GCC remittance market by 2020. Working with corporates allows us to open accounts en masse and for salaries to be paid directly into users' accounts. Prior to founding NOW Money, Katharine worked in for a fintech called Cardlytics, now valued at just under USD1bn. She has further analytical experience across range of UK and GCC retail banks.
