Egyptian fintech startup Dopay has secured $13.5 million in a Series A extension round, bringing its total Series A funding to $31.5 million. This latest funding round, led by Argentem Creek Partners with participation from existing investors, will enable Dopay to rapidly expand its operations in Egypt and other markets.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay offers a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries. This innovative solution aims to integrate unbanked and underbanked workers into the financial system through a payroll-centric approach.

The new funds will help Dopay elevate its platform and, in collaboration with partner banks, leverage deposited funds to create a self-financing lending model. This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable financial ecosystem. Dopay plans to launch new financing products embedded into its platform, enhancing the overall customer experience.

Maarten Terlouw, co-chief investment officer at Argentem Creek Partners, emphasized the importance of a payroll-centric approach in integrating unbanked workers into the financial system. He praised Dopay’s multi-bank, multi-country platform and expressed excitement about supporting the company in its next growth stage.

Key Points:

• Dopay secures $13.5 million in Series A extension round.
• Funds to accelerate expansion in Egypt and other markets.
• Dopay digitizes cash payments from employers to workers.
• New financing products and self-financing lending model to be introduced.
• Payroll-centric approach to integrate unbanked workers into the financial system.

🌍 Dopay is revolutionizing payroll and financial services for unbanked workers in emerging markets. Stay tuned for more updates on their exciting journey! 🚀

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