PayNas, a fast-growing FinTech startup from Cairo, has won the pitch competition at Seamless North Africa 2019. The competition had five contenders in total who were competing for the top spot that brings along a cash prize of $50K, along with other perks.
For those not familiar with PayNas, the company was founded by Mohamed Mounir last year. It offers a cloud-based comprehensive platform for small and medium enterprises, enabling them to better manage their employees’ payroll, attendance, leave, recruitment, performance evaluation, on-boarding, and other important processes.
While it appears to be more like one of those run-of-the-mill cloud-based HR software on the onset, PayNas actually offers way more than that. Any employer using PayNas doesn’t really have to open new bank accounts for their employees. Instead, PayNas takes care of the issue by providing the employees with Visa-powered debit and credit cards.
The startup also offers geolocation and geofencing features, thus empowering the employer to remotely monitor their employees and help them boost productivity. Additionally, PayNas has a marketplace-like environment where employers can purchase different perks for their employees at a reasonable cost.
PayNas was part of the first cohort of startups to have graduated the FinTech accelerator set up by a joint venture between Egypt Ventures & EFG Finance.
