Egypt: Financial-wellness platform raises $2.1m in seed investment
Cairo-based fintech startup NowPay, a financial-wellness platform for employees in emerging markets, has raised $2.1 million in seed investment. The new funding will be deployed to deepen the capabilities of the platform, expand its team and establish its footprint in the MENA region and beyond.
The round was led by Foundation Ventures and Endure Capital along with investors from the US, 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.
“During the peak of Covid-19 lockdowns, we are proud to have well-known and eminent investors back us, signalling 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,” said Mostafa Ashour, co-founder and CEO of NowPay who previously led the innovation teams at Microsoft Research.
”NowPay bridges that gap and provides several benefits for employers that choose to proactively address this area of employee wellness. 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.”
“There is an asymmetry between expenses and income, which puts a lot of stress on employee’s morale, and hampers productivity. We are thrilled to join NowPay’s incredible team on this journey of empowering employees with the happiness and wellness that financial stability provides,” said Ziyad Hamdy, managing partner at Foundation Ventures.
“Within a very short period, we are delighted to have managed salaries in excess of $100 million with a 60% month-over-month growth rate. We have integrated our platform with leading Egyptian and multinational names such as SODIC, Wadi Degla, Domty and AXA to name a few, a testament of our ability to help the financial wellness of employees for our clients. 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,” added Ashour.
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