- NowPay to provide several benefits for employers that choose to proactively address employee wellness.
Dubai: Cairo-based FinTech startup – NowPay – has raised $2.1 million in a “Seed” investment round, led by Foundation Ventures and Endure Capital.
The other investors include Beco Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, Ebtikar, Quirky Ventures, Gehan Fathi, and Rolaco.
The financial-wellness platform for employees to use the proceedings to deepen the capabilities of the platform, expand its team and establish its footprint in the MENA (Middle East and North Africa) region and beyond.
“During the peak of Covid-19 lockdowns, we are proud to have had well-known and eminent investors back us, signalling trust in our business concept and our team. Saving, spending, budgeting, and borrowing, are our four pillars of financial wellness,” Mostafa Ashour, Co-founder and CEO of NowPay, said.
Financial stress
Financial stress plays a major role as a top distraction for employees, he said, adding that NowPay will bridge that gap and provide several benefits for employers that choose to proactively address this area of employee wellness.
In recent months, he said that NowPay helped empower both the employees and employers alike.
“We want to improve every financial aspect for employees and make financial inclusion a reality,” he added.
Founded in 2019, the startup raised $600,000 from 500 Startups and Endure Capital in the “Pre-Seed” round and an undisclosed amount in “Bridge” from EFG-EV Fintech and %00 Startups.
“There is an asymmetry between expenses and income, which puts a lot of stress on employee’s morale, and hampers productivity. We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides,” Ziyad Hamdy, Managing Partner at Foundation Ventures, said.
Within a very short period, Ashour said that they have managed salaries in excess of $100 million with a 60 per cent month-over-month growth rate.
“We have integrated our platform with leading Egyptian and multinational names such as Sodic, Wadi Degla, Domty, and AXA to name a few, a testament of our ability to help the financial wellness of employees for our clients.
“We have a very strong pipeline with many more big names waiting to onboard our platform and we look forward to forging ahead as pioneers in this space,” he said.