NowPay has closed a seed round of USD600 k venture investment from Silicon Valley’s Endure Capital and 500 Startups. The Cairo-based fintech startup which was launched in 2019 closed the investment earlier this year but decided to go public about it only recently.
The fintech company aims to advance financial virility of corporate employees. It also hopes to work with employers to assist their staff get paid in advance at any time of the month, using a mobile application.
Nowpay operates by working closely with the Human Resource (HR) of each company. They subtract a moderate fee from each transaction before paying ‘ahead salaries’ to their employees. With the service, workers can manage their budgets better and save themselves certain financial worries.
The company was founded by Mostafa Ashour, Ahmed Sabry, and Cherif Radi, each of whom has previously worked for companies such as Microsoft, Amazon, IBM, and Orange.
The company said, “In order to reduce money worries, lower financial stress and cut down attrition rates, employees need to feel that they can get their salaries whenever they are cash-strapped,” said Ashour, explaining that his solution helps employees better manage their budgets, overcome cash flow problems and avoid unexpected events.”
Egypt’s fintech industry has experienced major boosts in 2019 with companies like PayNas, XPay a d Fawry recording big wins in fundraising.
