Egypt’s startups have been consistent in VC fund raising so far. And it appears more investors are headed for that North Eastern country than to any Sub-Saharan African country, apart from Nigeria and South Africa this year. Egypt’s Fintech startup, NowPay, has just joined that wagon. The startup said it is closing a new undisclosed round after raising USD 600,000 in Seed funding from Silicon Valley’s Endure Capital and 500 Startups.
Here Is The Deal
- Although this round of investment was not disclosed, the startup has however raised USD 600,000 in Seed funding from Silicon Valley’s Endure Capital and 500 Startups
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About NowPay
The Cairo-based startup, launched in early 2019, came out of stealth promising to improve financial wellness of corporate employees in emerging markets through its fintech solution that helps people get their salaries in advance at any point during the month.
“Saving, spending, budgeting and borrowing. Those are the four pillars of financial-wellness. We want to improve every aspect of those for employees,” said Mostafa Ashour, Cofounder and CEO of NowPay who previously led Innovation teams at Microsoft Research.
Ashour started NowPay with co-founders Ahmed Sabry of Amazon Lending, and Cherif Radi who led special projects at Orange.
“In order to reduce money worries, lower financial stress and cut down attrition rates, employees need to feel that they can get their salaries whenever they are cash-strapped,” said Ashour, explaining that his solution helps employees better manage their budgets, overcome cash flow problems and avoid unexpected events.
Read Also: Here Are Reasons Egypt’s Startup Ecosystem Is Booming
Fintech startups in Egypt have also seen a wave of investment. Egypt’s MoneyFellows recently joined the list of startup fundraisers in Africa. The Cairo-based fintech has raised over $1 million in a bridge round (Pre-Series A). The investment came from 500 Startups and Dubai Angel Investors, both of which had previously invested in company’s seed round as well, last year, Beirut-based Phoenician Fund, and some individual investors including some of its previous angels.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based Lawyer with special focus on Business Law, Intellectual Property Rights, Entertainment and Technology Law. He is also an award-winning writer. Working for notable organizations so far has exposed him to some of industry best practices in business, finance strategies, law, dispute resolution, and data analytics both in Nigeria and across the world.