Egypt’s fintech startup NowPay secures $2.1 Mn Seed funding

Egypt's fintech startup NowPay secures $2.1 Mn Seed funding
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  • Employee Empowerment To Fund Top Priority Financial Goals Augments Increased Productivity, Engagement and Loyalty

Cairo-based Fintech startup NowPay, a financial-wellness platform for employees in emerging markets, on Sunday, 11 October 2020, in a statement to LAFFAZ said that company has raised a $2.1 million in seed funding from Foundation Ventures and Endure Capital, with participation from UAE, UAE, China, and Egypt, including BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech and Ebtikar. A clutch of angel investors that participated in the round include Quirky Ventures, Gehan Fathi, and Rolaco.

Founded in 2019 by Mostafa Ashour, who has previously led innovation for Microsoft, co-founder Ahmed Sabry, who worked for Amazon Lending, Gehan Fathi, who previously worked as managing director of EFG, and Mahmoud ElHosseiny, who managed Egypt sales for Fortune 500 Stanley-Black & Decker. NowPay is a FinTech company focusing on improving the financial-wellness of corporate employees. It enables employees to get paid at any point in time during the month.

The company said that the fresh funds will be utilised to enhance NowPay’s platform capabilities, deepen its footprint in the MENA region and beyond.

Speaking of the development for NowPay, Mostafa Ashour, CEO & Co-founder of NowPay, in a statement said,

“During the peak of COVID-19 lockdowns, we are proud to have well-known and eminent investors back us, signaling trust in our business concept and our team. Saving, spending, budgeting and borrowing, are our four pillars of financial wellness. Financial stress plays a major role as a top distraction for employees. NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness. Particularly in the recent months NowPay helped empower both the employees and employers alike. We want to improve every financial aspect for employees and make financial inclusion a reality,”

Ziyad Hamdy, Managing Partner at Foundation Ventures, said,

“There is an asymmetry between expenses and income, which puts a lot of stress on employee’s morale, and hampers productivity. We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides,”

Speaking of the achievements of NowPay, Ashour further added,

“Within a very short period we are delighted to have managed salaries in excess of US$100 million with a 60% month-over-month growth rate. We have integrated our platform with leading Egyptian and multinational names such as SODIC, Wadi Degla, Domty and AXA to name a few, a testament of our ability to help the financial wellness of employees for our clients. We have a very strong pipeline with many more big names waiting to onboard our platform and we look forward to forge ahead as pioneers in this space,”


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