Cairo-based financial wellness platform NowPay has officially entered the Saudi Arabian market through NowAccess, a new joint venture established with Tas’heel, the consumer finance division of United International Holding Company. The move marks a significant expansion for the Egyptian fintech, targeting one of the region’s largest and fastest-growing economies.
A Strategic $20 Million Partnership
The joint venture is backed by a substantial $20 million investment from Tas’heel, which will secure a 75% stake in NowAccess. NowPay will retain the remaining 25% ownership, contributing its technology and regional expertise to the new entity. This strategic financial structure follows a memorandum of understanding signed between the two companies in early 2025.
Combining Expertise for Saudi Scale
NowAccess is designed to merge the strengths of both partners. It will leverage NowPay’s proven experience in building and scaling payroll-linked employee financial wellness solutions across the MENA region. This will be combined with Tas’heel’s deep local market knowledge, its Shariah-compliant balance sheet, and its extensive operational footprint, which includes over 310 service locations throughout the Kingdom.
The collaboration aims to effectively navigate the regulatory and operational complexities that foreign fintechs often encounter when entering Saudi Arabia, offering tailored payroll, HR, and Shariah-compliant financial products.
Fueling Market Entry and Localisation
The $20 million in funding will be allocated to establishing a dedicated engineering and operations team based in Saudi Arabia, localising NowPay’s products for the market, and supporting the venture’s full commercial launch.
“Saudi Arabia represents a high-growth market for payroll and employee financial solutions,” said Mostafa Ashour, CEO and Co-founder of NowPay. “NowAccess gives us the operating depth and local expertise required to scale quickly and compliantly, while bringing our proven technology to employers and employees across the Kingdom.”
NowAccess is currently in its market-entry phase, with the first employer partnerships expected to be announced as the rollout progresses.
About NowPay
Founded in 2019, NowPay is a financial wellness platform that enables corporate employees to access their salaries on demand, manage their finances, and pay bills directly from the platform. The company aims to improve the financial health of employees in emerging markets by providing transparent and accessible financial tools.
Source: Fintech News Middle East
