Egyptian Fintech Dopay Secures USD 13.5 M Series A Extension Round

Dopay, a fintech startup providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, announced the closing of a strategic USD 13.5 M Series A extension round. The funding tops up a previous USD 18 M Series A round raised in 2021. The new round is led by Argentem Creek Partners with participation from existing investors.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay, which is part of Hub71, offers a virtual banking platform that digitises cash payments from employers to workers and other beneficiaries. Each account is equipped with a prepaid debit card, in partnership with Mastercard, providing 24/7 access to funds via ATM withdrawal. Enrolled businesses benefit from a secure and cashless payroll system, with user-friendly interfaces and complete transparency. Employees gain instant and secure access to banking facilities, regardless of their earnings. The fresh funding will enable Dopay to accelerate its expansion in its initial market, Egypt, as well as launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.