NowPay, the Egyptian financial wellness and payroll platform, has successfully raised $20 million in a recent investment round. This significant funding is earmarked to fuel its expansion into Saudi Arabia and scale its operations across the region.
Strategic KSA Expansion Through NowAccess
NowPay will launch its Saudi operations through NowAccess, a newly established joint venture in partnership with United International Holding Company’s (UIHC) Tas’heel. This collaboration merges NowPay’s established fintech infrastructure with Tas’heel’s strong local presence and operational capabilities, aiming to drive innovation in the Kingdom’s fintech and HR technology landscape.
“Partnering with Tas’heel allows us to bring our proven technology into a high-growth market with the right local expertise,” said Mostafa Ashour, CEO and Co-founder of NowPay.
Fueling Product and Team Growth
The new capital will be allocated towards further product development, building out the team, and executing a robust go-to-market strategy in Saudi Arabia. The venture will focus on delivering advanced payroll administration and processing services, along with payroll-linked Shariah-compliant financial products tailored for the Saudi market.
“Through Tas’heel, we’ve built a strong foundation in consumer finance, and the launch of NowAccess marks a strategic expansion into payroll-linked Shariah-compliant financial products. This addition strengthens our proposition and allows us to serve both employers and employees with innovative, accessible, and tech-driven solutions tailored to the Saudi market,” said Mohamed Galal, eXtra MD & CEO and Tas’heel Acting CEO.
About NowPay
Founded in 2019 by Mostafa Ashour, NowPay is a financial wellness platform that partners with employers to provide their teams with greater financial control and flexibility. The company offers a suite of solutions including payroll processing, earned wage access, and other financial wellness tools for enterprises across the MENA region.
Source: Waya
