Based in Cairo, NowPay has raised $2.1 million in a seed funding round led by Endure Capital and Foundation Ventures, with participation from China, UAE, Egypt, 500 Startups, BECO Capital, 4dx Ventures, Plug and Play, Ebtikar, and SA Capital. Other angel investors who took part in the round were Gehan Fathi, Quirky Ventures, and Rolaco.
NowPay was founded by Mostafa Ashour, who once worked for Microsoft co-founder Ahmed Sabry while at Amazon Lending. Other co-founders are Gehan Fathi, and Mahmoud ElHosseiny.
NowPay is a financial wellness FinTech product targeting corporate employees by giving them their salary in advance at no cost to their employer. That way companies can boost their productivity through the adoption of effective organizational designs.
According to Laffaz, the company disclosed that it will direct the funds to enhance its platform, even as they deepen their footprint across the MENA region. In a statement, Mostafa Ashour, the company’s co-founder and CEO even shared how, “During the peak of COVID-19 lockdowns, we are proud to have well-known and eminent investors back us, signaling trust in our business concept and our team.“