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.
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.