Mubasher: Cairo-based fintech NowPay has entered into the Saudi market through NowAccess, a newly established JV with Tas’heel, the consumer finance arm of United International Holding Company.
The partnership comes amid accelerating demand in Saudi Arabia for modern payroll, HR, and fintech infrastructure, according to a press release.
Under a signed agreement, Tas’heel invested $20 million in the venture and will hold a 75% stake, while NowPay will retain 25%.
The fundraising will be used to establish a Saudi-based engineering and operations team, localize products for the market, and support the venture’s commercial launch.
NowAccess will leverage NowPay’s experience in creating payroll-linked employee wellness products at scale across the MENA region. It will be integrated with Tas’heel’s local expertise, shariah-compliant balance sheet, and nationwide operational footprint of more than 310 service locations.
Mostafa Ashour, CEO and Co-Founder of NowPay, commented: “NowAccess gives us the operating depth and local expertise required to scale quickly and compliantly, while bringing our proven technology to employers and employees across the Kingdom.”
