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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. Partnering with Tas’heel gives NowPay immediate access to a shariah-compliant balance sheet and deep regulatory expertise.
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.
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.
OpenCX raises USD 7 mn round co-led by Saudi fund
UAE-based customer communication platform OpenCX raised USD 7 mn in a funding round led by US-based Y Combinator and Saudi Arabia’s X by Unifonic, with participation from Abu Dhabi’s Shorooq Partners, according to a press release. The capital will support the firm’s GCC-focused expansion plans, which include opening an office in Saudi Arabia within the next few months.
About the company: Founded in 2022 by Mohammad Gharbat (LinkedIn) and Mohammad Tabaza (LinkedIn), OpenCX uses AI agents to provide automated solutions for customer support operations, serving sectors like fintech and healthcare.
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