dopay collects $18m in its Series A funding round

September 20, 2021

dopay, a B2B2C payments platform aimed at unbanked workers, has scored $18m in its Series A, as it capitalises on rising demand for cashless payroll.

With the Series A funding, the FinTech company is looking to scale operations in Egypt and release additional services to customers.

The funding round was led by Force Over Mass Capital, FMO and NN Group. Additional capital came from Mbuyu Capital and Alder Tree Investments.

dopay claims it has experienced strong demand from businesses seeking cashless payroll and employees looking for digital banking and electronic payments services.

Its platform helps staff be paid in real-time, even on weekends and holidays. Accounts each come with a prepaid debit card, which is in partnership with Mastercard, and enables 24/7 withdrawal of funds.

Businesses that are enrolled in the service can benefit from a secure and cashless payroll.

Force Over Mass Capital chief investment officer Wouter Volckaert 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.”