Dopay, an innovative FinTech player, has recently completed a strategic $13.5m Series A extension round.
The funding round was led by Argentem Creek Partners, with continued support from existing investors, according to a report from Wamda. This additional capital aims to accelerate Dopay’s rapid expansion within Egypt, its initial market.
This new funding adds to a previous $18m Series A round.
Dopay operates a virtual banking platform that is transforming the way employers pay their workers. By digitising cash payments, the company directly addresses one of the most pressing FinTech challenges in emerging markets.
With the new funds, Dopay plans to introduce a slew of new financial services and broaden its platform’s reach to include multiple banks and countries. The goal is to extend its innovative services beyond Egypt, enhancing financial accessibility on a larger scale.
Additional plans include leveraging deposited funds to create a self-financing lending model. This model will allow the funds deposited by workers to be used for a lending portfolio, promoting a sustainable financial ecosystem.
Argentem Creek’s Co-Chief Investment Officer, Maarten Terlouw, noted, “We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system.
“This model fosters long-term customer relationships and presents a strong base for cross-selling financial products such as earned wage access, personal loans, credit cards, business loans, insurance, savings, investments, and more. We are impressed by Dopay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with Dopay’s talented team.”
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