Nowpay, a start-up based in Cairo and which provides a financial-wellness platform for employees in emerging markets, has raised $2.1 million to deepen its presence in the Middle East and North Africa Region and increase the capabilities of its platform.
The Fin-tech start up in a statement said the investors emanates from the U.S, UAE, China and Egypt and include BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech and Ebtikar.
The platform, according to a one-year old start-up, solves financial stress employees gap and provides several benefits for employers that choose to proactively address this area of employee wellness.
“We want to improve every financial aspect for employees and make financial inclusion a reality,” said Mostafa Ashour, Cofounder and CEO of NowPay. The company claims to have managed salaries in excess of $100 million with a 60 per cent 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,” Ashour added.
Egypt-based NowPay start-up raises $2.1m to deepen footprint in Mena region
