Egyptian fintech startup NowPay has raised $600,000 in seed funding from Endure Capital and 500 Startups to grow its salary advance and financial wellness platform for employees.
Founded in 2019, Cairo-based NowPay allows employees to access a portion of their earned salary before payday, helping them manage cash flow and avoid financial stress. The company is currently closing a larger follow-on round, with details yet to be disclosed.
“Saving, spending, budgeting, and borrowing — these are the four pillars of financial wellness we aim to improve,” said Mostafa Ashour, CEO and co-founder of NowPay. Ashour previously led innovation teams at Microsoft Research and co-founded the company with Ahmed Sabry (formerly at Amazon Lending) and Cherif Radi (previously at Orange).
The platform targets companies in emerging markets, offering employees access to their salaries at any point during the month. By reducing short-term money worries and improving budget control, NowPay positions itself as a tool for boosting employee satisfaction and retention.
“Financial stress impacts productivity and attrition. We’re building a system that makes salary access flexible, empowering people to handle urgent expenses and better plan their finances,” Ashour added.
The new investment will be used to enhance NowPay’s product, scale operations, and onboard new enterprise clients across Egypt and the region.
