Egypt’s payroll platform Dopay raises $13.5M in series A funding round
Dopay, a leading payroll and payments platform, has secured $13.5 million in Series A extension round led by Argentem Creek Partners. Existing investors, who previously helped raise $18 million in 2021, also participated.
The new investment will accelerate fintech's expansion in Egypt and enable the launch of new financial services, to digitise payments and provide financial inclusion for unbanked and underbanked workers in emerging markets through its innovative virtual banking platform, which supports real-time payments.
Commenting on the investment deal, Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, said, “We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system. This model fosters long-term customer relationships and presents a strong base for cross-selling financial products such as earned wage access, personal loans, credit cards, business loans, insurance, savings, investments, and more. We are impressed by Dopay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with Dopay’s talented team.”
You may also like:
- Kirkpatrick model for building high performance team culture
- Addressing employee concerns NOW is the future: Fazeela Gopalani
- HR Technology: The future of efficient & adaptable workplaces
Kaj-Erik Relander, existing investor and board member at Dopay, also expressed, “The unparalleled capabilities of Dopay's platform and the significant underbanked population present a remarkable growth opportunity. Our continued support underscores our confidence in Dopay's mission to revolutionise financial services in emerging markets.”
Frans van Eersel, Founder and CEO of Dopay, added: “This funding comes at a pivotal moment, with our growth exhibiting 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-financing lending model. This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”