Fintech
Fintech Dopay Secures $13.5M Series A Extension Round to Fund Next Billion Workers
Fintech Dopay Secures $13.5M Series A Extension Round to Fund Next Billion Workers
Dopay, the fast-growing fintech that provides a digital payments and payroll platform serving unbanked and underbanked workers in emerging markets, announces the close of a $13.5 million strategic Series A extension round. This funding milestone complements a previous $18 million Series A funding round and marks a significant step in Dopay’s mission to transform cash-based economies by digitizing payments and providing financial inclusion to millions of workers.
With its innovative virtual banking platform, Dopay 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 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 Partners, commented: “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. We look forward to working closely with the talented team at Dopay.”
Kaj-Erik Relander, investor and board member of Dopay, said: “Dopay’s unmatched platform capabilities and significant underbanked population represent a significant growth opportunity. Our continued support underscores our confidence in Dopay’s mission to revolutionize financial services in emerging markets.”
Frans van Eersel, Founder and CEO of Dopay, added: “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 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.”
Dopay’s platform revolutionizes payroll by enabling real-time payments, 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. Enrolled companies 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.