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Sunday, 14 March 2021

NowPay joins US accelerator Y Combinator’s winter 2021 cycle

Egyptian fintech startup NowPay has joined US startup accelerator Y Combinator’s Winter 2021 funding cycle, Digital Boom reports. The startup will receive USD 125k as well as three months of intensive mentoring, culminating in a demo day to an audience of potential investors and collaborators.

The payroll management company was created by TA Telecom in 2019, and had raised at least USD 2.1 mn in funding from Foundation Ventures, Endure Capital, and other investors in a seed round in October. NowPay enables employees to access their salaries at any point during the month and manage their finances. It is managing over USD 200 mn in salaries and has signed on corporate clients including SODIC, Wadi Degla, Domty and Axa. The company plans to expand its service offering under an MoU signed with the Export Development Bank of Egypt earlier this month.


Ten tech-driven startups graduated from regional incubator Flat6Labs’ fall 2020 cycle, with businesses in fields including fintech, e-commerce, media, AI, and health tech, according to a statement (pdf). The startups received funding as part of the Flat6Labs Accelerator’s program, which aims to fund more than 100 startups by 2022. The program is supported by anchor investments from the International Finance Corporation, MSME Development Agency, the Egyptian American Enterprise Fund, and Egypt Ventures.

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