Fintech
Fintech Dopay Gets $13.5M to Expand Digital Payroll Processing Platform
By Gloria Methri
Today
- Argentem Creek Partners
- Digital Payroll
- Pay
Dopay, an Egyptian FinTech that provides a digital pay slip and payments platform for the unbanked and underbanked, has closed a $13.5 million Series A extension round.
This funding, which follows an earlier $18 million Series A round, reinforces Dopay’s mission to transform cash-based economies by bringing financial inclusion to millions of workers.
With its innovative virtual banking platform, Dopay digitizes cash payments from employers to workers and other beneficiaries.
The Series A extension financing, led by Argentem Creek Partners with participation from existing investors, will enable Dopay to accelerate its rapid expansion in its initial market, Egypt. In addition, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to additional markets.
Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partnersaid, “We believe a payroll-centric approach is key to integrating unbanked and underbanked workers in emerging markets into the financial system. This model fosters long-term customer relationships and presents 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.”
Frans van Eersel, founder and CEO of Dopayadded, “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 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.”
By Dopay revolutionizes payroll by enabling payments in real time, even on weekends and holidays. In partnership with Mastercard, each account comes with a prepaid debit card, providing 24/7 access to funds via ATM withdrawal. Registered businesses benefit from a secure, cashless payroll system with intuitive interfaces and complete transparency.
Employees get instant and secure access to banking facilities, regardless of their earnings. Dopay’s Agent Banking 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.