The latest FinTech startup in Egypt to announce raising seed funding is NowPay, a Cairo-based company that connects with corporate employers to allow their employees to receive their salaries in advance, at a time of their choosing during the month.
Employees log in to NowPay through their corporate accounts, after their employer validates them, and simply enter the advance amount they want to receive before the official salary date. The requested funds are then transferred to the applicant’s bank account within 1-2 days. Employees can also check details like their salary, current balance and maximum loan amount on the promising app. Before the end of each month, NowPay sends all requests to the employer’s Human Resources department for deduction from their salary, including a small fee paid to NowPay.
Founded in 2018 by Mostafa Ashour, Ahmed Sabry and Cherif Radi, NowPay has raised $600,000 from Endure Capital and 500 Startups earlier this year. The founders were previously employed at Amazon, Microsoft, IBM and Orange.
Mostafa Ashour previously led the Innovation team at Microsoft Research and stated to MENAbytes that the innovative FinTech idea aims to help employees overcome cash flow issues, better manage their budgets and empower them in unexpected situations.
NowPay is now seeking to raise a Pre-Series A round and is planning to expand in Middle Eastern & African markets within the coming two years, prioritizing Saudi Arabia and the United Arab Emirates in that regard.
NowPay, Startup, Seed Funding, Endure Capital, 500 Startups, Amazon, Microsoft, IBM, Orange, Saudi Arabia, UAE, MENA, HR, Salaries