The MoU marks one of the first collaborations between fintech startups and financial institutions in Egypt.
NowPay allows corporate employees to get their salaries in advance any time in the month through its mobile app, which means access to emergency funding anytime, hence better manage their budget.
Launched in 2019, NowPay aims at lowering employees’ financial stress by improving the four pillars of financial wellness for employees; saving, spending, budgeting, and borrowing.
The company most recently raised $2.1 million in seed investment in May 2020 in a round led by Foundation Ventures and Endure Capital and investors from the U.S., UAE, China, and Egypt. The investors’ cluster includes BECO Capital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and Ebtikar. Prominent Angel investors such as Quirky Ventures, Gehan Fathi, and Rolaco also participated in the round.