NowPay Raises $2.1 Million to Scale Operation in Egypt

Egyptian fintech startup, NowPay, has raised the sum of $2.1 million. The funding round saw participation from investors in the United States of America, the United Arab Emirates, Egypt and China, according to a press statement seen by Business Elites Africa.

The specific venture capitals and angel investors that led the round are: Endure Capital, Foundation Ventures, Beco Capital, 500 Startups (MENA), Plug and Play, 4Dx Ventures,  MSA Capital, EFG-EV Fintech, Ebikar, Quirky Ventures, Gehan Fathi and Rolaco.

Reacting to the funding round, the Co-founder and Chief Executive Officer of NowPay, Mostafa Ashour, said:

“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.”

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Established in 2019 by Mostafa Ashour and Ahmed Sabry, Nowpay is a Cairo-based fintech company that manages employees’ salaries; making it easiser for workers to access their pay any time of the month. Between 2019 and now, the fintech startup has managed more than $100 million worth of employees’ salaries. Now it is hoping to expand its operation and increase workforce.

Note that NowPay had previously raised $600,000 in seed funding last year shortly after its establishment. The latest funding round brings its total fund raises to $2.7 million.