Egypt’s NowPay enters Saudi market with $20m Tas’heel joint venture
Egyptian fintech NowPay has entered the Saudi market through a new joint venture with Tas’heel, launching a platform aimed at providing Shariah-compliant payroll and employee financial wellness services across the Kingdom.
The venture, called NowAccess, has been established with a $20 million investment from Tas’heel, which will hold a 75% stake, while NowPay owns the remaining 25%. The partnership combines NowPay’s payroll-linked financial technology with Tas’heel’s nationwide network of more than 310 service locations to distribute services to employers and employees.
The move follows a memorandum of understanding agreed earlier this year and comes as Saudi Arabia continues to see rising demand for locally compliant payroll and employee benefits solutions. According to United International Holding, Tas’heel’s parent company, NowAccess is intended to operationalise that agreement and scale services quickly within the Saudi enterprise sector.
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Muhammad Ali Bandial