Dopay, a London-based fintech startup that provides payroll services for the unbanked, has closed an $18M (approx EUR15.3 M) Series A funding round.
Financiers in the round consist of Force Over Mass Capital, FMO, and NN Group. Africa’s Mbuyu Capital and Nordic fund Alder Tree Investments likewise got involved.
The latest round comes five years after protecting $2.4 M (approx EUR2M) in Pre-Series A funding from Techstars Ventures and Force Over Mass Capital. To date, the business has secured $22.5 M (approx EUR19.2 M) in funding.
- Fund utilisation
- Breaking cash cycle
- Focusing on MENA region
- Banking representative license
Fund utilisation
The UK business will utilize the funds to continue scaling quickly in its initial market, Egypt while constructing a variety of financial services in addition to cashless payroll and pre-paid cards for staff members.
Frans van Eersel, Founder and CEO of Dopay, said, « The value of our Series A financing validates the financial investment neighborhood’s self-confidence in the Dopay offer. Our business credibility through our B2B2C model is clear, and our innovation ability is proven and strong. Egypt is the greatest market in the MENA area. We will serve a rapidly growing number of Egyptian companies, from SMEs to major corporations, and their workers. We are prepared to aggressively grow our solutions, leveraging up- and cross-selling opportunities, as we increase Dopay’s range of services and partners throughout MENA. »
Breaking money cycle
According to Dopay, 200M services still depend on money payments while their employees have no access to savings account. Dopay aims to break this money cycle by using a payroll and cash management service for business.
The Dopay platform enables companies of any size to open personal accounts for their workers, contractors, and other recipients in seconds. Each account provides a pre-paid debit card, 24/7 access to funds through ATM withdrawal. Through its virtual banking platform, Dopay digitises cash payments from employers to employees and other recipients
Focusing on MENA region
Since its creation in 2015, Dopay has grown from proof of principle to a completely certified next-generation virtual banking platform in Egypt, with hundreds of active consumers from small local companies to global business.
From offices in London, Cairo, and Abu Dhabi, the company intends to focus development in the MENA region. The business belonged to the very first friend of the Barclays Accelerator program, powered by Techstars, in London.
Banking representative license
Last month, Dopay got a banking representative license through Arab Banking Corporation Egypt (Bank ABC Egypt).
The license allows the company to launch a next-generation virtual banking platform, in accordance with the guidelines set by the Reserve bank of Egypt.
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