The $13.5 million Series A extension round has been closed by Dopay, a FinTech startup that is expanding quickly. It offers a digital payroll and payments platform to unbanked and underbanked workers in emerging markets. In keeping with Dopay’s goal of transforming cash-based economies by digitising payments and enabling financial inclusion for millions of workers, this funding milestone tops off a prior $18 million Series A funding round.
One of the biggest FinTech opportunities in emerging markets is directly addressed by Dopay, an innovative virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries. Dopay is a part of Hub71, Abu Dhabi’s global tech ecosystem. Dopay will be able to expand even more quickly in its first market, Egypt, thanks to the Series A extension funding, which is being led by Argentem Creek Partners and includes existing investors. The business also intends to introduce a number of fresh financial services and broaden its multi-bank, multi-national platform into new areas.
Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, commented: “We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system. This model fosters long-term customer relationships and presents a strong base for cross-selling financial products such as earned wage access, personal loans, credit cards, business loans, insurance, savings, investments, and more. We are impressed by Dopay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with Dopay’s talented team.”
Kaj-Erik Relander, existing investor and board member at Dopay, stated: “The unparalleled capabilities of Dopay’s platform and the significant underbanked population present a remarkable growth opportunity. Our continued support underscores our confidence in Dopay’s mission to revolutionise financial services in emerging markets.”
Frans van Eersel, Founder and CEO of Dopay, added: “This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model. This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”
Payroll is transformed by Dopay’s platform, which makes it possible to make payments instantly, even on weekends and holidays. In collaboration with Mastercard, every account comes with a prepaid debit card that allows for round-the-clock ATM withdrawal access. A safe, cashless payroll system with easy-to-use interfaces and total transparency is advantageous to enrolled businesses. No matter how much they make, employees have immediate, secure access to banking services. Dopay is positioned as a leader in Egypt’s digital payroll market thanks to its agent banking license, which enables the company to provide digital banking services quickly and facilitate the onboarding of beneficiaries and employees.
