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Egyptian fintech startup NowPay raises $2.1m funding to expand team, footprint

The Cairo-based fintech startup has raised the funding round to deepen the capabilities of its platform, expand its team, and establish its footprint in the MENA region and beyond.

Established in 2019, NowPay is a financial wellness platform for emerging markets, which helps employees to access their salaries at any time of the month.

The startup takes on this US$2.1 million investment from the Foundation Ventures and Endure Capital-led round to scale its platform and its geographical footprint. It investors also include BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and Ebtikar.

NowPay Team. Photo Credit: Disrupt Africa

Meanwhile, prominent angel investors like Quirky Ventures, Gehan Fathi, and Rolaco also participated in the round.

So far, the startup has managed salaries in excess of US$100 million, with a 60 per cent month-on-month growth rate, and worked with leading Egyptian and multinationals such as SODIC, Wadi Degla, Domty and AXA. NowPay co-founder and CEO, Mostafa Ashour called this a testament to the fintech's ability to help the financial wellness of its clients' employees.

Egypt In Focus:

Population - 100.3 million (Compared to South Africa's 59.6 million)

GDP: $303.175 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,690 (Compared to South Africa's $6,193)