Egyptian fintech startup NowPay closes $600K in SEED funding from Silicon Valley’s Endure Capital and 500 Startups

NowPay, a Cairo-based fintech startup has raised $600,000 in a SEED funding round. Investors included Silicon Valley’s Endure Capital and 500 Startups.

Founded in 2018 by Mostafa Ashour, Cherif Radi and Ahmed Sabry, NowPay commits itself to helping employees get their salaries in advance whenever they apply for it during the month. A simple process that requires the employees to log into NowPay’s application through their account and enter the advance amount which they require. The account by this point will already be verified by the employer himself and the employees would be able to get their requested amount within a day or two.

Mostafa Ashour, co-founder and CEO of NowPay who previously led Innovation teams at Microsoft Research, said that in order to rescue employees from financial stress and other relevant worries, it is essential that the employees feel that they can get their salaries whenever they are out of cash. Ashour expressed great confidence in his scheme that defines NowPay which can help employees better manage their budgets and overcome cash flow problems thereby avoid any unnecessary tensions.

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

The application offers additional features such as allowing the user to see their salary status, salary details, account balance and maximum load that they can request, on the application.

NowPay is at the forefront of revolutionizing the corporate culture in Egypt that seeks to harmonize the interoperability of the employers and the employees.


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