NowPay, a prominent financial wellness and payroll platform, has successfully secured $20 million in a significant investment round. This substantial capital injection is earmarked for scaling its comprehensive suite of services and spearheading a strategic expansion into Saudi Arabia. The ambitious market entry will be facilitated through a new joint venture, NowAccess, established in partnership with United International Holding’s Tas’heel.
Strategic Partnership for Saudi Market Entry
The expansion into the Kingdom of Saudi Arabia is being executed through NowAccess, a collaborative entity formed with local powerhouse Tas’heel. This joint venture strategically combines NowPay's advanced fintech infrastructure with Tas’heel’s deep-rooted local presence and extensive operational capabilities. The partnership is designed to deliver cutting-edge payroll administration and processing services that are meticulously tailored for the Saudi market's unique regulatory and cultural requirements.
Bolstering Product Development and Team Growth
A substantial portion of the new funding will be allocated toward enhancing NowPay's product suite and expanding its professional team. The company plans to innovate further in payroll-linked, Shariah-compliant financial solutions designed to benefit both employers and their workforce. This investment will accelerate go-to-market execution, ensuring that advanced financial wellness tools become more accessible across the MENA region.
Since its inception in 2019, NowPay has established itself as a key player in empowering employees with greater financial control and flexibility. Its platform provides comprehensive services, including efficient payroll processing and earned wage access, to enterprises throughout the region. The company's model is built on partnering with employers to improve the financial well-being of their teams through innovative and user-friendly technology.
Leadership Perspectives on the Collaboration
Mostafa Ashour, CEO and Co-founder of NowPay, emphasized the strategic importance of collaborating with a deeply integrated local expert. He stated that partnering with Tas’heel provides the ideal channel to introduce their proven technology into a high-growth market with critical local insights. This alliance ensures that NowPay's solutions are effectively adapted and deployed with the necessary market understanding and robust support.
Echoing this sentiment, Mohamed Galal, acting CEO of Tas’heel, highlighted the venture's strategic value from their perspective. He noted that NowAccess represents a significant expansion into payroll-linked, Shariah-compliant financial products, building on Tas'heel's strong foundation in consumer finance. This initiative aims to serve both employers and employees with accessible, tech-driven solutions specifically tailored for the Kingdom of Saudi Arabia.
This $20 million investment and the formation of NowAccess mark a pivotal moment for NowPay and the broader regional fintech landscape. The long-term collaboration with Tas’heel is poised to drive significant innovation within Saudi Arabia's burgeoning HR technology and financial services sectors. Ultimately, this strategic move is set to enhance financial wellness and operational efficiency for countless businesses and their employees across the Kingdom.
Source: Waya