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Sunday, 11 October 2020

Payroll management startup NowPay raises USD 2.1 mn in seed funding

STARTUP WATCH- Payroll management startup NowPay has raised USD 2.1 mn in seed funding from a group of Egyptian, US, UAE and Chinese investors led by Foundation Ventures and Endure Capital, according to a company statement (pdf). BECOCapital, 500 Startups, Plug and Play, 4dx Ventures, MSA Capital, EFG-EV Fintech, and Ebtikar also participated in the round. The funding will be used to enhance the company’s platform, grow its team and “establish its footprint in the MENA region and beyond.” NowPay, founded in 2019 to help employees manage their finances and organize advanced salary payments, last year raised USD 600k in a seed funding round led by Endure Capital and 500 Startups. The company now manages salaries “in excess of USD 100 mn with a 60% month-over-month growth rate,” according to co-founder and CEO Mostafa Ashour.

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