dopay Secures $13.5m in Series A Funding Extension to Revolutionize Financial Services in Emerging Markets

dopay Secures $13.5m in Series A Funding Extension to Revolutionize Financial Inclusion in Emerging Markets

dopay, a leading financial technology company, has recently announced the successful completion of a $13.5m extension to its Series A funding round. This milestone marks a significant step forward in dopay’s mission to transform cash-based economies by providing a digital payroll and payments platform for unbanked and underbanked workers in emerging markets.

The innovative virtual banking platform offered by dopay allows employers to make digital cash payments to their workers and beneficiaries, addressing a major fintech opportunity in emerging markets. The Series A extension round was led by Argentem Creek Partners, with participation from existing investors, and will be used to accelerate dopay’s expansion in its initial market, Egypt.

Investors are optimistic about dopay’s approach to financial inclusion. Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, praised dopay’s model for integrating unbanked workers into the financial system through payroll, fostering long-term customer relationships, and offering additional financial products.

Kaj-Erik Relander, an existing investor and board member at dopay, highlighted the significant opportunity presented by the large underbanked population and dopay’s robust platform. He expressed his support for dopay’s mission to revolutionize financial services in emerging markets.

Frans van Eersel, Founder and CEO of dopay, emphasized the critical timing of the funding as the company experiences rapid growth. The new funds will be used to enhance the platform and create a self-financing lending model in collaboration with partner banks, providing customers with new financing products seamlessly integrated into the platform.

Ahmed Nassef, COO of dopay, underscored Egypt’s potential as a microcosm of the global opportunity for financial inclusion, with over 60% of Egyptian workers relying primarily on cash. dopay’s mission aligns with the Egyptian Central Bank’s vision of digitizing payments and promoting financial inclusion, aiming to transform the payroll landscape and contribute to Egypt’s broader economic development.

dopay’s success in Egypt will serve as a blueprint for expansion into other emerging markets, showcasing the transformative power of their digital payroll solutions. With the new funding in place, dopay is well-positioned to continue its mission of promoting financial inclusion and digitizing payments in emerging markets.