NowPay
NowPay, based in Cairo, Egypt, is a fintech company specializing in asset management, providing financial wellness solutions that allow employees in emerging markets to manage salaries and payments flexibly.
Company Overview
NowPay is a fintech company based in Cairo, Cairo Governorate, Egypt. Operating in the asset management sub-industry, NowPay specializes in improving financial wellness for employees in emerging markets. With a team of 35 professionals, NowPay offers a platform that assists with saving, spending, budgeting, and borrowing. Ex-IBM, Microsoft, Orange, and Amazon employees founded the company, which is a part of the Y-Combinator winter 2021 batch. NowPay serves regions including Egypt, the Middle East, and North Africa, and offers both remote and partly remote operations.
Funding and Partnerships
NowPay has successfully raised $3.7 million in funding. It is backed by several prestigious investment firms including 500 Startups, Beco Capital, Endure, Plug and Play, MSA Capital, 4dx, Foundation Ventures, EFG, and Beltone. Additionally, the platform showcases endorsements from over 250 companies and benefits more than 300,000 people with its financial wellbeing solutions. NowPay is also involved in the management of over 1.5 billion in monthly payments.
Financial Wellness Services
NowPay offers a comprehensive financial wellness platform designed for employees. The platform allows employees to receive their salaries in advance at any point during the month, providing all-time salary access with flexible repayment options. Users can instantly pay their bills through the NowPay app without needing credit or debit card details. The platform also facilitates cash-free money transfers between users.
Employee Benefits
Employees using NowPay gain access to several benefits. The platform enables shopping from a network of top stores with flexible repayment options of up to 10 months, directly deducted from their salary. Additionally, NowPay provides a hotline for customer support and the app is available for download on both iOS and Android platforms. The app supports both English and Arabic languages, catering to a diverse user base.
Mobile Application
NowPay's mobile application is available on Apple and Google stores, ensuring wide accessibility for users. The app facilitates a variety of financial transactions, including advanced salary access, bill payments, and money transfers. Employees can also shop from a network of top stores with salary-deducted installments, enjoying flexible repayments over up to 10 months. The app supports both English and Arabic languages, enhancing user experience across different linguistic groups.