NowPay, a fintech start-up established earlier this year on a Shariah compliant proposition, confirmed it has raised US$600,000 in seed funding from 500 Startups and Endure Capital.
The successful funding round was concluded earlier in January but only revealed recently, suggesting that the start-up which was established over eight months ago could be ready to switch gears into growth mode following months of relative media silence.
Founded by seasoned tech professionals including Microsoft program manager Mostafa Ashour who is now leading the start-up as CEO and co-founder, NowPay is a solution targeted at the labor market, allowing employees to secure salaries in advance at any point during the month.
Focusing on the financial wellness of corporate employees, the digital solution also serves as a personal finance management service allowing users to manage and track savings and expenses as well as provide them with access to financial recommendations. According to Mostafa’s public platform, NowPay is present in San Francisco, Cairo and Dubai.