Established in 2019, NowPay is a financial wellness platform for emerging markets, which helps employees to access their salaries at any time of the month.
The startup takes on this US$2.1 million investment from the Foundation Ventures and Endure Capital-led round to scale its platform and its geographical footprint. It investors also include BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and Ebtikar.
Meanwhile, prominent angel investors like Quirky Ventures, Gehan Fathi, and Rolaco also participated in the round.
So far, the startup has managed salaries in excess of US$100 million, with a 60 per cent month-on-month growth rate, and worked with leading Egyptian and multinationals such as SODIC, Wadi Degla, Domty and AXA. NowPay co-founder and CEO, Mostafa Ashour called this a testament to the fintech's ability to help the financial wellness of its clients' employees.
Egypt In Focus:
Population - 100.3 million (Compared to South Africa's 59.6 million)
GDP: $303.175 billion (Compared to South Africa's $369.85 billion)
GDP Per Capita: $2,690 (Compared to South Africa's $6,193)
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