Dopay Secures $13.5 Million in Series A Extension
This funding adds to a previous $18 million Series A round, bringing the total to $31.5 million.
Dopay, a FinTech startup based in Egypt, has closed a $13.5 million Series A extension round. This funding adds to a previous $18 million Series A round, bringing the total to $31.5 million. The new funding round was led by Argentem Creek Partners, with participation from existing investors.[1]
Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay offers a digital payroll and payments platform aimed at unbanked and underbanked workers in emerging markets. As part of Hub71, Abu Dhabi’s tech ecosystem, Dopay's virtual banking platform digitizes cash payments from employers to workers and other beneficiaries.
With the new funding, Dopay plans to expand its operations in Egypt. The company also intends to introduce new financial services and extend its multi-bank, multi-country platform to other markets. Dopay's platform allows real-time payments, including on weekends and holidays. Each account includes a prepaid debit card, in partnership with Mastercard, providing 24/7 access to funds via ATM withdrawal.
