Egyptian fintech startup NowPay signed a Memorandum of Understanding with the Export Development Bank of Egypt (EBE) for a credit facility to fund NowPay’s current salary advances product and future development of new products.
NowPay allows corporate employees to get their salaries in advance any time in the month through its mobile app, which means access to emergency funding anytime, hence better management of their budget.
Launched in 2019, NowPay aims at lowering employees’ financial stress by improving the financial wellness for employees.
The company most recently raised $2.1 million in seed investment in May 2020 in a round that was led by Foundation Ventures and Endure Capital along with investors from the U.S., UAE, China, and Egypt. The cluster of investors include BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech and Ebtikar. Prominent Angel investors such as Quirky Ventures, Gehan Fathi, and Rolaco also participated in the round.
The company had raised $600,000 in seed funding from Endure Capital and 500 Startups in 2019.
To date, NowPay has signed a number of leading companies including SODIC, Wadi Degla, Domty and AXA.
The startup is led by Mostafa Ashour, co-founder and CEO, who previously led the innovation teams at Microsoft, Ahmed Sabry, who worked at Amazon Lending, Gehan Fathi, former Managing Director at EFG, and Mahmoud ElHosseiny who managed Egypt’s sales for Stanley Black & Decker
“We believe that the cooperation with Export Development Bank of Egypt will assist in growing our current business model in addition to offering more innovative fintech products to users,”
said Gehan Fathi, Head of Financial Partnerships at NowPay.