Egyptian Fintech Startup, NowPay backed by Y Combinator, has just raised a New Pre-Series A round Funding.

Along with another Egyptian fintech, Dayra, it is part of Y Combinator’s ongoing Winter 2021 (YC W21) batch.

“At YC, we help talented founders from anywhere in the world access the advice, network, and funding that Silicon Valley has to offer. With NowPay, we see dedicated founders tackling the huge problem of financial wellness in a region of the world that needs more tech investment. It was a clear decision to fund them,” Brad Flora, Group Partner at YC and a startup angel investor in San Francisco, said on NowPay’s inclusion in the accelerator.

Here Is What You Need To Know
Global Ventures, Beco Capital, Endure Capital, Foundation Ventures, and Abderahman ElSewedy are among the investors in NowPay’s bridge round. The deal’s value was not revealed. Last year, the company raised $2.1 million in a seed round.
The new funding will further assist the fintech startup towards its expansion into international markets.
Why The Investors Invested
Dubai-based Global Ventures has actively been investing in the African startup ecosystem. The VC has invested in Kenya’s Ilara Health, Nigeria’s Helium Health, Egypt’s Paymob, among others.

Beco Capital, also based in Dubai, has previously invested in NowPay. The venture capital firm has equally invested in North Africa’s leading startups such as Egypt’s healthtech Vezeeta, mobility startup SWVL, among others. Its investment in NowPay further cements its belief in the startup. It has actively been investing since 2017.

Based in Egypt, recently launched Foundation Ventures participated in NowPay’s $2.1m fundraise last year. Its latest investment in the startup further confirms its belief in the startup’s future.

Abderahman ElSewedy is an angel investor and a director at Elsewedy Electric, based in Cairo.

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