Our $600k seed round was raised in January, reveals Egyptian fintech NowPay

Egyptian fintech NowPay revealed today that a $600 000 seed round that it raised from Endure Capital and 500 Startups — which was reported by various tech media this week — was concluded in January.

NowPay was founded last year by CTO Ahmed Sabry, Cherif Radi and CEO Mostafa Ashour (pictured above).

The fintech’s shariah compliant solution enables employees to get their salaries in advance at any time during the month, with the ability to pay back over multiple months with zero liabilities on their employers.

NowPay was founded last year by Ahmed Sabry, Cherif Radi and Mostafa Ashour

A representative of the company told Ventureburn in an email today that the seed round had been concluded on 15 January.

NowPay said the investment will be used to scale its product and team. Four months ago the startup advertised a senior sales post on LinkedIn.

It’s not clear where the company is based as its LinkedIn profile states San Francisco as the location of its headquarters.

Tech publication Magnitt reported in an article today that Ashour previously led innovation teams at Microsoft Research.

However, tech publication MenaBytes reported in an article yesterday (28 August) that the fintech has operations in Egypt.

NowPay declined to disclose details to Ventureburn on how many companies it is working with in Egypt, but it said this number is “doubling month-on-month”.

The fintech pointed out that it is focusing on emerging markets.

“Some markets in Africa are on top of our expansion plans,” the startup said, without naming which countries it intends to expand to.

Featured image: NowPay CEO Mostafa Ashour (Facebook)