Egyptian Fintech Startup Dopay Wins $13.5M Series A Extension Round

Egyptian fintech startup Dopay has closed a $13.5 million Series A extension round, complementing the $18 million Series A it raised in 2021, and will now begin accelerating its expansion into domestic and new markets.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Pay offers a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries.

The Series A financing extension round was led by Argentem Creek Partners with participation from existing investors and will enable Dopay to accelerate its rapid expansion in Egypt, as well as 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 deposited funds to create a self-funded lending model. This model will allow deposited amounts to fuel a portfolio of loans, 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,” said van Eersel.

Maarten Terlouw, co-chief investment officer at Argentem Creek Partners, said he believes a compensation-focused approach is key to integrating unbanked and underbanked emerging market workers into the financial system.

“This model fosters long-term customer relationships and provides a solid foundation for cross-selling financial products such as access to earned wages, personal loans, credit cards, business loans, insurance, savings, investments and more. 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,” he said.

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