Cairo-based payroll-focused fintech NowPay is launching in Saudi Arabia through NowAccess, a joint venture with our friends at United International Holding Company — better known as Tas’heel — according to a joint statement (pdf). The move has been in the works since at least January of last year, when the two first signed an MoU for the venture.
Saudi has “accelerating demand for modern payroll, HR, and fintech infrastructure,” and NowAccess is in a prime position to take advantage, NowPay CEO Mostafa Ashour tells EnterpriseAM. NowAccess has an edge that sets it apart from traditional HR and payroll vendors because of its “operating experience building employee wellness products at scale across MENA” and its partnership with local Tas’heel which provides “operational depth and local expertise,” he said.
The move is backed by a USD 20 mn investment from Tas’heel, which will hold a 75% stake in the new entity, while NowPay holds 25%. They’ll use the cash to build a Saudi engineering and operations team as well as for product localization, and to support their launch in the kingdom. The injection brings NowPay’s total fundraising to USD 31 mn to date.
Why this matters: While we’re always keen to hear of Egyptian companies expanding abroad, the move stands out as clever play to bypass the typical hurdles faced by foreign fintechs entering the Kingdom. By partnering with Tas’heel — the second-largest consumer finance provider in Saudi Arabia with over 310 service locations — NowPay gains immediate access to a shariah-compliant balance sheet and deep regulatory expertise.
What’s next? NowAccess is currently in its market-entry phase, focusing on Saudi-specific market requirements and integrations. Employer partnerships for the Saudi market will be announced as part of the formal rollout.
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