Fintech
Egyptian Fintech DoPay Raises $13.5M Series A Extension Following ‘Growth of Real Hockey Stick Trajectory’ – BitKE
Egyptian fintech startup, Pay, announced the closing of a $13.5 million strategic Series A extension round.
The startup, which provides a digital payments and payroll platform serving unbanked and underbanked workers in emerging markets, has previously raised an $18 million Series A funding round.
With over 60% of Egyptian workers relying primarily on cash, DoPay’s mission is in line with the Central Bank of Egypt’s vision to digitize payments and promote financial inclusion.
Dopay, part of Hub71, Abu Dhabi’s global technology ecosystem, also describes itself as an innovative virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries, directly addressing one of the most significant fintech opportunities in emerging markets.
The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable DoPay to accelerate its rapid expansion into its initial market, Egypt.
Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to additional markets.
“This funding comes at a crucial time, with our growth showing a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage the deposited funds to create a self-funded lending model,” said Frans van Eersel, founder and CEO of Dopay.
“This model will allow deposited amounts to feed a loan portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can expect new financing products that will be seamlessly integrated into our platform, enhancing their overall experience.”
According to DoPay, its platform revolutionizes payroll by enabling payments in real time, even on weekends and holidays. Each account comes with a prepaid debit card, in partnership with MasterCard, that provides 24/7 access to funds via ATM withdrawal.
Registered companies benefit from a secure and cashless payroll system with intuitive interfaces and complete transparency. Employees get instant and secure access to banking facilities, regardless of their earnings. DoPay’s Banking Agent license enables the rapid provision of digital banking services and seamless onboarding of employees and beneficiaries, positioning the company as a leader in the digital payroll space in Egypt.
Maarten Terlouw, Co-Chief Investment Officer of Argentem Creek Partners, commented:
“We believe that a compensation-centric approach is key to integrating unbanked and underbanked workers in emerging markets into the financial system.
We are impressed with DoPay’s multi-bank, multi-country platform and are excited to support the company in its next phase of growth. We look forward to working closely with the talented team at DoPay.”
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