Egypt’s NowPay Enters Saudi Arabia in $20M Joint Venture

STARTUP VENTURE CAPITALJanuary 27, 2026 at 11:03 PM UTC

TLDR

NowPay expands into Saudi Arabia through a joint venture with Tas'heel, investing US$31 million in total funding.
NowPay provides payroll-linked financial wellness tools for employees to access earned wages at any time, targeting employer partnerships for improved retention and financial stability.
The venture combines NowPay's technology with Tas'heel's local presence, aiming to meet the rising demand for modern payroll and HR-linked financial services in Saudi Arabia.

NowPay is expanding into Saudi Arabia through NowAccess, a joint venture with Tas’heel, the consumer finance unit of United International Holding Company.

Tas’heel has invested US$20 million in the venture and will hold a 75% stake, with NowPay retaining 25%. The launch follows a memorandum of understanding signed earlier in 2025. The deal brings NowPay’s total funding to US$31 million.

Founded in 2019 by Mostafa Ashour, NowPay provides payroll-linked financial wellness tools that allow employees to access earned wages at any time during the month. The product targets employers seeking to improve retention and employee financial stability.

NowAccess will use the funding to build local engineering and operations teams, localize products, and support market entry in Saudi Arabia. The venture will combine NowPay’s payroll technology with Tas’heel’s local presence, shariah-compliant balance sheet, and network of more than 310 service locations.

The company said demand is rising in Saudi Arabia for modern payroll and HR-linked financial services. Employer partnerships are expected to be announced as part of the formal rollout.

Points clés à retenir

NowPay’s Saudi expansion shows how foreign fintechs are adapting to the Kingdom’s regulatory and operational landscape. Rather than entering alone, the company opted for a majority-owned local partner with balance sheet capacity and distribution. Saudi Arabia is a large payroll market with rising interest in employee benefits that align with shariah principles. Payroll-linked products fit that demand by offering liquidity without traditional credit structures. For NowPay, the joint venture reduces licensing risk and accelerates go-to-market execution. For Tas’heel, the deal adds payroll technology to its consumer finance stack. The structure reflects a broader trend across the Gulf, where fintech scale depends less on standalone apps and more on embedded services tied to employers, payroll systems, and regulated financial institutions.

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