Less than a month after securing Egypt’s second banking agent license, Egyptian Fintech startup Dopay, has announced it raised $18m in a Series A round.
The round was led by Force Over Mass Capital, FMO, and NN Group. Mbuyu Capital and Alder Tree Investments also contributed significantly.
Dopay was founded in 2014. The startup is a B2B2C payments network aimed at serving the 1.7 billion unbanked workers in emerging economies.
The startup enable companies create and manage personal accounts for their employees and contractors in seconds allowing for prompt and swift payment and time and day.
Holders of accounts are given prepaid debit card that allows for 24-hour access to funds, and enrolled firms can use a secure, cashless payroll system with easy-to-use interfaces and full auditability. Users of personal accounts also enjoy instant, secure access to mainstream banking facilities, regardless of their income.
Wouter Volckaert, CIO at Force Over Mass Capital speaking on the investment said: “Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit.
The dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers. Each company signing up with dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees, while enabling dopay to scale their business at pace”.
Dopay is currently working with Bank ABC Egypt to develop and offer a novel value proposition for SMEs, corporations, and their financially underprivileged employees in Egypt.
With its interest on growth in the MENA area, Dopay are expected to channel the recent funding into developing financial inclusion for more users in regions.