NowPay helps employees get their salaries in advance
NowPay, a financial wellness platform for employees in emerging markets, helps users achieve financial well-being by paying their salaries in advance. The platform also offers bill payment and monetary transaction services.
Daily News Egypt met with NowPay CEO and Co-Founder Mostafa Ashour to learn more about the company’s services and strategy.
What has been the most important addition made by your application to non-bank financial services?
NowPay is an industry-leading fintech solution that helps employees achieve financial well-being. Financial stress is a major cause of lost productivity among employees. NowPay helps alleviate this problem by addressing the four main dimensions of financial well-being; saving, spending, budgeting and borrowing. We aim to help employees save well, spend less, budget their financial lives, and borrow transparently and efficiently if / when it’s needed.
With the help of their companies, employees can get their monthly salaries in advance, pay all their bills quickly, send money to coworkers online securely, and shop hassle-free.
NowPay is the first company in the market to provide these services using a seamless technology experience that makes such a big difference in the work and social lives of employees.
The app provides employees with their salaries in advance. How do you make sure the money gets back to your business?
NowPay offers its services to employees through partnerships with their companies. As a result, the HR departments of our partners automatically deduct the amount requested by the user from their pay at the beginning of the month.
What are the most important conditions for obtaining the service?
Once we sign with a partner, all of their employees are eligible for the service.
Do app users pay administrative fees or fees?
We charge a nominal service fee based on usage.
Have you encountered any difficulties from the partner companies?
As employee well-being grows in importance in businesses, NowPay’s financial well-being solution fits perfectly with these efforts. Our solution significantly contributes to improving employee productivity by improving their financial well-being by allowing their employees to take control of their money, rather than letting it control them!
How many companies have you contracted with? What is your goal for next year?
NowPay currently offers its services to more than 200 multinational and local companies in different verticals such as manufacturing, technology, real estate, retail and NGOs. We currently manage over $ 500 million in salaries.
What other services does the app provide?
NowPay also offers four other services. Users can cash out their money, use it to pay all their bills, transfer money or make purchases without hassle.
Does the company treat categories other than company employees?
Our services are only accessible to employees of our partner companies.
Who are the company’s most important customers?
We have been successful in attracting many companies that care about the financial health of their employees, including: F&B: Edita, Domty, Kraft Heinz, Americana, Gourmet, McDonald’s, KFC, Baskin Robbins and Beity. Tech: SWVL, Vezeeta, Wuzzuf, Trella, MaxAb, Capiter and KarmSolar. Real Estate: SODIC, Coldwell Banker, Mountain View, Ora and Wadi Degla Developments. Manufacturing: Elsewedy Electric Major brands: Raya, Axa Insurance, Zahran, Misr El Kheir, Mazaya
If an employee was fired when they had already received their salary in advance of the application, who would pay the salary?
The remaining amount is automatically deducted from the user’s remaining financial contributions in the company.
Who are the main investors in NowPay?
NowPay’s success has attracted top local and international investors, including YCombinator. It’s the seed investor behind multi-billion dollar companies like AirBnb, DropBox, Reddit, and others. It has also signed partnerships with Banque Misr and the Export Development Bank.