The investment is set to be channelled in a number of ways, including potentially moving into new markets.
In the latest chapter of its efforts to establish fairer financial inclusion in Egypt, NowPay has announced that it has raised $2.1 million in a seed funding round, as it looks to develop its platform and expands its team, while also potentially looking to move into new markets. The investment was led by Foundation Ventures and Endure Capital, alongside investors from the US, UAE, China and Egypt, according to MENAbytes.
As a platform, NowPay allows employees to get salary advances, with the larger goal of allowing users to gain more control of their financial wellness. Launched in 2018 by Mostafa Ashour, Ahmed Sabry and Cherif Radi, NowPay approves requested advances within two days and the platform offers other features, including the monitoring of salary status, salary details and account balance. Though employees pay a fee for its use, it’s free for employers.
In a year of pandemic-induced instability, NowPay’s service has been of particular value to many. “Financial stress plays a major role as a top distraction for employees,” co-founder and CEO, Mostafa Ashour, said. “NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness.”
Find out more about NowPay here.
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