Cairo-based fintech startup NowPay has raised a US$2.1 million seed funding spherical to deepen the capabilities of its platform, develop its group, and set up its footprint within the MENA area and past.
Based in 2019, NowPay is a monetary wellness platform for rising markets, which permits staff to entry their wage at any level in the course of the month.
The startup, which raised US$600,000 in seed funding final 12 months, has now taken on extra funding because it appears to be like to scale its platform and its geographical footprint. The US$2.1 million spherical is led by Basis Ventures and Endure Capital, and likewise contains the likes of BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech and Ebtikar.
Outstanding angel buyers resembling Quirky Ventures, Gehan Fathi, and Rolaco additionally participated within the spherical, which got here despite the COVID-19 pandemic.
“We are proud to have well-known and eminent investors back us, signaling trust in our business concept and our team. Saving, spending, budgeting and borrowing, are our four pillars of financial wellness. Financial stress plays a major role as a top distraction for employees. NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness,” stated Mostafa Ashour, co-founder and chief govt officer (CEO) of NowPay.
“Particularly in the recent months NowPay helped empower both the employees and employers alike. We want to improve every financial aspect for employees and make financial inclusion a reality.”
The startup has to date managed salaries in extra of US$100 million, with a 60 per cent month-on-month progress fee, and built-in our platform with main Egyptian and multinational names resembling SODIC, Wadi Degla, Domty and AXA. Ashour stated this was testomony to NowPay’s capability to assist the monetary wellness of staff for its purchasers.
“We have a very strong pipeline with many more big names waiting to onboard our platform and we look forward to forge ahead as pioneers in this space,” he stated.
Ziyad Hamdy, managing companion at Basis Ventures, stated there was an asymmetry between bills and earnings, which places plenty of stress on worker’s morale, and hampers productiveness.
“We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides,” he stated.