Egypt’s NowPay raises $2.1 million seed to grow its financial wellness platform for corporate employees
Cairo-based fintech NowPay has raised $2.1 million in a seed round co-led by Foundation Ventures and Endure Capital, with the participation of investors from the United States, United Arab Emirates, China, and Egypt, it announced in a statement to MENAbytes today.
Beco Capital, 500 Startups (MENA), Plug and Play, 4Dx Ventures, MSA Capital, EFG-EV Fintech, and Ebikar, also joined the round. Some angels including Quirky Ventures, Gehan Fathi and Rolaco also invested in the round. The investment brings NowPay’s total raise to date to $2.7 million. It had raised $600,000 (also in seed round) in 2019.
Founded by Mostafa Ashour and Ahmed Sabry, NowPay launched the financial wellness platform in 2019 to enable corporates to offer salary advances to their employees. They’ve recently also added Gehan Fathi, who previously worked as Managing Director at EFG (and joined this round as an angel) and Mahmoud ElHosseiny who managed Egypt sales for Fortune 500 company Stanley-Black Decker to their executive team.