Earlier, the company raised a Series A round of $18 million in 2021.

Egypt-based Dopay which serves unbanked and underbanked workers with a digital payment and payroll platform for emerging markets, unveiled closing of a strategic Series A extension round with $13.5 million. The latest investment landmark tops up earlier funding of an $18 million Series A round and remakes a significant step toward Dopay’s target of transforming a cash-based economic ecosystem by digitising payment methods and offering financial involvement for millions of workers.

Dopay, which is also a part of the global tech ecosystem of Abu Dhabi, Hub71, is a revolutionary online banking platform that helps to digitise cash payments from employers to other beneficiary accounts. The latest Series A extension investment round was led by Argentem Creek Partners and has also seen participation from other existing investors. The freshly raised funding allows Dopay to accelerate its speedy expansion in its major Egyptian market. In addition, the company is also aiming to launch a series of the latest financial services and extend its multi-country and multi-bank platform to other demanding markets.

The Co-Chief Investment Officer at Argentem Creek Partners, Maarten Terlouw 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.”

A board member and existing investor of Dopay, Kaj-Erik Relander further said that the exceptional potential of Dopay’s Platform and the remarkable population of underbanked workers drive a significant growth opportunity. The unbreakable support from the investors highlights their confidence in Dopay’s mission of revolutionising financial services in growing markets.

The founder and CEO of Dopay, Frans van Eersel further commented on the latest fundraising round. He said, “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 allows 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.”

Founded back in 2014 by Frans van Eersel and Ahmed Nassef, Dopay is a part of Hub71 and offers a virtual banking platform that helps to digitise cash payments between employers and workers along with other beneficiaries.

Dopay’s digital banking platform transfigures payroll by allowing real-time payment services even during weekends and holidays. Every account verified on Dopay is provided with a prepaid debit card in collaboration with Mastercard, which provides access 24/7 to funds through ATM  withdrawal. The platform has enrolled businesses that benefit from a cashless and secure payroll platform, with an easy-to-use interface and true transparency. Regardless of any earning amount, the employees get immediate and secure access to online banking facilities. The agent banking licence by Dopay allows a smooth delivery of digitised banking services and effortless onboarding for the beneficiaries and employees, marking the FinTech company as a global leader in the digital payroll sector in Egypt.