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Exclusive: Egyptian Fintech Startup NowPay Joins Y Combinator

Cairo-based fintech startup NowPay has joined Y Combinator’s Winter 21 batch, following a Memorandum of Understanding agreement with the Export Development Bank of Egypt (EBE).

“We are very excited to be part of the Y Combinator network. Learning from the best of Silicon Valley is a huge growth enabler for NowPay. International recognition for a regional startup is something that we are very proud of accomplishing”, said Ahmed Sabry, NowPay’s co-founder, and CTO.

Launched in 2019, NowPay provides corporate employees with a fintech solution to get their salaries in advance any time in the month through its mobile app, allowing access to emergency funding anytime and better management of their budget.

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The startup aims at lowering employees’ financial stress by improving the four pillars of financial wellness for employees; saving, spending, budgeting, and borrowing.

The company raised $2.1 million in seed investment in May 2020 in a round that Foundation Ventures led and Endure Capital, in addition to investors from the U.S., UAE, China, and Egypt, after raising $600,000 in seed funding from Endure Capital and 500 Startups in 2019.

NowPay has managed over $200 million in salaries and signed some leading companies, including SODIC, Wadi Degla, Domty, Beyti, and Axa.

Mostafa Ashour, co-founder lead the startup, and CEO, who previously led the innovation teams at Microsoft; Ahmed Sabry worked at Amazon Lending; Gehan Fathi, former Managing Director at EFG; and Mahmoud ElHosseiny who managed Egypt sales for Stanley Black & Decker.

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