Egyptian Fintech Startup NowPay Secures $600,000 in Seed Funding from Silicon Valley

Cairo-based fintech startup, NowPay, has gained $600,000 in a seed funding round from Silicon Valley’s Endure Capital and 500 Startups. The funds aim to support NowPay’s mission of revolutionising the finance culture in Egypt and expanding their services to support companies beyond the corporate industry.

Founded in 2018 by Mostafa Ashour, Ahmed Sabry and Cherif Radi, NowPay’s fintech platform aims to help employees get their salaries in advance whenever they apply for it within the month. The simple process requires the employees to log into NowPay through their verified account and enter the amount they require, which then gets processed, hopefully approved and received within a day or two. The application offers a variety of other features to monitor their financial wellness such as the maximum load that they can request, salary status, salary details, and account balance.

“Saving, spending, budgeting and borrowing. Those are the four pillars of financial-wellness," states Mostafa Ashour. "We want to improve every aspect of these for all employees.” 

Moreover, Ashour emphasises the importance of getting rid of financial stress and other relevant worries, and that it is vital that employees feel that they can get their salaries at the appropriate time or whenever they are cashed out. Referring back to the moment he led innovation teams at Microsoft Research, Ashour expressed great confidence in the way he aims to overcome cash flow problems, help employees manage their budgets more efficiently, and avoid any unneeded financial tensions.