NowPay, the Cairo-based FinTech startup focused on improving the financial-wellness of corporate employees, announced Aug 28 that it received $600k in seed funding earlier this year. The investment deal, kept under wraps until now, had significant contributions coming from both 500 Startups and Endure Capital.

Launched in 2018 by co-founders Mostafa Ashour, Cherif Radi, and Ahmed Sabry — all ex-employees of corporate giants such as Amazon, IBM, and Microsoft — NowPay joins forces with employers to help their employees receive salaries in advance at any point during the month (rather than having to wait for the start or end of the month, which is the norm usually).

Any employee at a NowPay partner organization can request their salary in advance using the NowPay app so long as they have a corporate account validated by their employer. They also have the option to draw only a part of their salary in advance, which seems to be the more popular choice among most employees.

The app also provides detailed information on their salary, balance, and the maximum loan amount they are eligible for. 

“We are looking to build a financial wellness solution for employees along these four pillars: saving, spending, budgeting, and borrowing. The first services that we are offering is salary advances to help with any financial problems an employee might find himself in,” said Mostafa Ashour.

While the company hasn’t yet disclosed the number of employees using the NowPay network, it claims to have witnessed a 200% month-on-month growth of late.

Ghadeer Alaradi

Ghadeer Alaradi

A writer and content producer for StartUp Bahrain who enjoys uncovering stories of founders who are making a difference in their communities, successful women, passionate youth, and change-makers who strive to make the world a better place.

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