UAE start-up to represent Gulf in $1m competition

Each finalist will have just five minutes to impress the expert judging panel with their world-changing ideas and deliver the pitch of their lives.

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 $1 million price in the Chivas Venture, a global search to discover and reward the world’s most promising social entrepreneurs.

Each finalist will have just five minutes to impress the expert judging panel with their world-changing ideas and deliver the pitch of their lives.

From Monday May 1 to Sunday June 4, 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 $250,000 in funding is split among the finalists. The winner(s) of the remaining $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.

In preparation for the Chivas Venture final, the 30 finalists have travelled to Oxford to take part in a transformational Accelerator Week programme, created by the Skoll Centre for Social Entrepreneurship and embedded within the Saïd Business School at the University of Oxford.

During an intensive five days of learning, the finalists had the opportunity to develop leadership skills, take part in practical workshops and be inspired by global experts on critical topics that affect social start-ups.

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More details about the 30 global finalists of the Chivas Venture on the website: www.chivas.com/the-venture.

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