NowPay, a Cairo-based monetary wellness platform for workers in rising markets, introduced, on Sunday, that it has raised $2.1m throughout a seed funding spherical.
The brand new funds shall be deployed to deepen the platform’s capabilities, develop its workforce, and set up its footprint within the Center East and North Africa (MENA) area and past.
The spherical was led by Basis Ventures and Endure Capital, together with traders from the US, UAE, China, and Egypt. The cluster of traders embrace: BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and Ebtikar. Outstanding Angel traders akin to Quirky Ventures, Gehan Fathi, and Rolaco additionally participated within the spherical.
Mostafa Ashour, Co-founder and CEO of NowPay, stated, “Through the peak of the novel coronavirus (COVID-19) lockdowns, we’re proud to have had well-known and eminent traders again us, signalling belief in our enterprise idea and our workforce. Saving, spending, budgeting, and borrowing, are our 4 pillars of monetary wellness.
He added, “Financial stress plays a major role as a top distraction for employees, but NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness.”
Ashour additionally stated that NowPay has in latest months helped empower each the staff and employers alike, as a result of its keenness to enhance each monetary facet for workers and make monetary inclusion a actuality.
Based in 2019, NowPay has a really enthusiastic and well-experienced workforce. Led by Ashour, the workforce consists of Co-Founder Ahmed Sabry, who labored for Amazon Lending; Gehan Fathi, who beforehand labored as managing director at EFG Hermes; and Mahmoud ElHosseiny, who managed the Egypt gross sales for Stanley-Black & Decker.
“There is an asymmetry between expenses and income, which puts a lot of stress on employee’s morale, and hampers productivity,” stated Ziyad Hamdy, Managing Associate at Basis Ventures. “We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides.”
Ashour stated, “Within a very short period, we are delighted to have managed salaries in excess of $100m with a 60% month-over-month growth rate.”
He famous that NowPay has built-in its platform with main Egyptian and multinational names, akin to SODIC, Wadi Degla, Domty, and AXA to call a couple of. He stated that this supplies testomony of the corporate’s means to assist the monetary wellness of workers for its shoppers.
Hamdy added that NowPay has a really robust pipeline with many extra massive names ready to return onboard the platform, and is trying ahead to forging forward as pioneers on this area.