Cairo-based financial technology (fintech) startup NowPay, has raised $2.1 million in a seed investment round led by Foundation Ventures and Endure Capital along with investors from the US, UAE, China and Egypt, with participation from a group of angel investors.
Founded in 2019 by Mostafa Ashour and Ahmed Sabry, NowPay focuses on developing financial wellness solutions for corporate employees in emerging markets.
“During the peak of Covid-19 lockdowns, we are proud to have had 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,” said Mostafa Ashour, co-founder and CEO of NowPay.
"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 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."
The company claims to have managed salaries in excess of $100 million with a 60 per cent month-over-month growth rate. It has integrated its platform with the likes of SODIC, Wadi Degla, Domty and AXA.
"We have a very strong pipeline with many more big names waiting to onboard our platform and we look forward to forging ahead as pioneers in this space,” added Ashour.
The new funds will enable the company to develop its platform, grow its team, and expand regionally.
“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,” said Ziyad Hamdy, managing partner at Foundation Ventures.