After raising $18 million, Dopay raises $13.5 million in Series A extension investment to grow its digital payroll platform for unbanked and underbanked workers in emerging economies.
The finance, headed by Argentem Creek Partners, will help Dopay grow in Egypt and launch new financial services and expand its multi-bank, multi-country platform.
Company improves financial inclusion and payroll procedures in emerging nations with real-time payments, 24/7 access to funds via Mastercard prepaid debit cards, and a secure, cashless payroll system.
Media sources say fintech company its closed a key $13.5 million Series A expansion deal.
Read also- Singapore-Based Boon Secures $5 Million in Series A Round Funding
The Series A extension funding, headed by Argentem Creek Partners and supported by current investors, will help they expand in Egypt. The company will develop new financial services and expand its multi-bank, multi-country platform to more regions.
Dopay’s goal to digitise payments and advance financial inclusion in cash-based economies has taken a major stride forward with the completion of this funding milestone, which comes after a prior $18 million Series A round.
Read also- Singapore-Based Har Har Chicken Secures Undisclosed Amount in Funding
The firm provides unbanked and underbanked workers in emerging economies with a digital payroll and payments platform. It is a virtual banking platform that digitises employer-to-worker payments, addressing a significant fintech potential in emerging economies. It is based in Hub71, Abu Dhabi’s global digital community.
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 seamlessly embedded into our platform, enhancing their overall experience.”
Payroll is transformed by Dopay’s platform, which makes it possible to make payments instantly, even on weekends and holidays. Together with Mastercard, every account comes with a prepaid debit card that lets you access money at ATMs around-the-clock.
Kaj-Erik Relander, an existing investor and board member at Dopay, remarked, “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 revolutionize financial services in emerging markets.”
About Dopay
Dopay is a youthful, vibrant, inventive, and rapidly expanding global group of innovators, thinkers, and developers. They provide quick, easy, and satisfying ways for businesses and individuals to make payments and receive payments.
