(Ecofin Agency) - The Egyptian firm NowPay, which operates in the financial services sector, sold a minority stake in its capital to two American venture capital companies, Endure Capital and 500 Startups, for $600,000.

The company co-founded by Mostafa Ashour (pictured), Cherif Radi and Ahmed Sabry will use this investment to strengthen its team and improve its services. Operational since 2018, NowPay has developed an application that allows employees to receive salary advances.

Over the past two years, the funds raised by fintech on the continent have gradually increased. In Egypt, fintech was quite dynamic. According to Global Tech Media WeeTracker, they raised 25 funds for a total amount of €95 million during the first half of 2018.

Chamberline Moko