NowPay, a fintech startup based in Cairo raised the sum of $600000 in seed funding from Endure Capital and 500 Startups. NowPay is currently raising a pre-series A funding round to expand business offerings in Egypt and other Middle Eastern and African regions.
The funds aim to support @NowPayDotCash ’s mission of revolutionising the finance culture in Egypt.https://t.co/K3KeeLTczY
— Startup Scene ME (@startupsceneme) August 29, 2019
The fintech was founded in 2018 by Mostafa Ashour, Ahmed Sabry, and Cherif Radi, to offer salary advances to employees of partner companies, at any point in the month. The partner company’s employees can request advance by logging into the NowPay’s app via their corporate account, after validation by the employer. Details of their salary, current balance and maximum loan to be requested will be displayed on the app.
See also: Egypt Set to enforce Tax on Social Media Ads & Digital Services
NowPay notifies the HR of that company and the amount, including a transaction fee, would be deducted from the employee’s salary. The requested amount is then transferred to the employee’s bank, within a day or two of application.
According to one of the co-founders, Mostafa Ashour, “We are looking to build a financial wellness solution for employees along the pillars of saving, spending, budgeting, and borrowing. Right now, we are offering salary advances to help with financial problems the employee may face before the end of the month.
He explained that the advance is made available to reduce money worries, lower financial stress and cut down attrition rates whenever employees are cash-strapped. NowPay is also rolling out features that optimize the user’s spending and to make the payment process seamless.
More on TechGist Africa:
- Airtel Kenya and Telkom Merger halted over Corrupt dealings
- Africa50 & Rwandan Government Sets up JV to Develop Kigali Innovation City
- BBOXX secures $50m to Scale Business across Africa & Asia
- PCCW and Mauritius Telecom Partners to Launch National Mobile Payment Solution
- Farmcrowdy and Oyo State Government Partners in new Agro Deal
