Egypt’s fintech NowPay gets two new US private equity investors in its capital
Monday, 02 September 2019 19:29
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
Live News
-
Algeria, UK Sign Electronic Fingerprint Analysis Agreement
16:26
-
TotalEnergies Faces War Crimes Complaint Over Mozambique LNG
16:19
-
Chad Seeks Egypt's Expertise to Modernize Livestock Sector
16:15
-
ILO Report: 22% of African Workers Are Underemployed
15:54
-
Burkina Faso Recruits 208 Hospital-University Assistants
15:47
-
Ericsson Expands Footprint in Zambia as Government Courts Tech Investors
11:42
-
Casablanca Hosts EMECEXPO Nov. 19-21, Spotlighting African Digital Innovation
08:15
-
Cameroun Banana Exports Rise Despite One Producer Halting Shipments
08:09
-
Burkina Faso to Spotlight AI at 20th Digital Week in Ouagadougou
08:04
-
Cameroon Raises CFA159bn From Local Banks With Afreximbank Guarantee
03:18
DRC met Alibaba, Isoftstone to discuss adapting China’s e-commerce model Joint working group ...
The new unified platform replaces the NIBSS Instant Payments system. It connects banks, finte...
DRC minister visited Huawei China center to boost AI training cooperation Talks focused on launch...
Germany to provide €49 million ($56.7 million) to support ECOWAS projects. Funds target peac...
Madagascar is going through one of the most turbulent periods in its recent political history. After...
The European Center for Constitutional and Human Rights (ECCHR) has filed a complaint in France accusing TotalEnergies of complicity in war crimes...
Chad, possessing one of Africa's largest livestock populations, aims to modernize its sector to increase meat and milk production. Chadian...
The International Labour Orgazation (ILO) reported in 2024 that over 22% of African workers experience underemployment, hindering economic...
Burkina Faso has initiated the recruitment of 208 hospital-university assistants to bolster medical education and practical skills in...
Singita will invest $60m to build a 60-bed lodge on Santa Carolina Island and $42m in projects across the Bazaruto Archipelago. The...
The Okapi Wildlife Reserve, located deep within the Ituri Forest in the northeastern Democratic Republic of Congo, stands as one of the Congo Basin’s most...