DoPay, an Egyptian financial firm, has declared the completion of a significant $13.5 million Series A extension funding round. The company previously raised $18 million in a Series A fundraising round. It offers a digital payroll and payments platform to unbanked and underbanked workers in emerging economies. DoPay’s goal of digitising payments and fostering financial inclusion is in line with the Egyptian Central Bank’s strategy, as more than 60% of Egyptian workers still predominantly rely on cash. Dopay is a cutting-edge virtual banking platform that digitises cash payments from companies to workers and other beneficiaries. It is a component of Hub71, Abu Dhabi’s global innovation ecosystem, and it directly addresses one of the biggest fintech possibilities in emerging nations.

The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable DoPay to accelerate its rapid expansion in its initial market, Egypt. Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

The new funds will help us elevate our platform and, in partnership with our partner banks, leverage deposited funds to create a self-financing lending model, according to Frans van Eersel, Founder and CEO of Dopay. “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 that will be seamlessly embedded into our platform, enhancing their overall experience.”

Employees receive instant and secure access to banking facilities regardless of their earnings; DoPay’s agent banking licence enables the swift delivery of digital banking services and seamless onboarding of employees and beneficiaries; the company positions itself as a leader in Egypt’s digital payroll space; and the platform revolutionises payroll by enabling real-time payments, even on weekends and holidays. Each account is equipped with a pre-paid debit card, in partnership with MasterCard, :

Argentem Creek Partners’ co-chief investment officer, Maarten Terlouw, made the following statement:

“We think the secret to bringing unbanked and underbanked people in emerging nations into the financial system is to adopt a payroll-centric approach.

We’re pleased by DoPay’s multi-bank, multi-national platform and thrilled to help the business go to the next phase of its development. We are excited to collaborate closely with the accomplished team at DoPay.