Dopay, a leading fintech startup, has secured an additional $13.5 million in funding, boosting their mission to empower unbanked and underbanked workers in emerging markets.

This investment, led by Argentem Creek Partners with continued support from existing investors, serves as a significant boost to dopay’s digital payroll and payments platform.

Fueling Growth and Financial Inclusion

This funding round fuels dopay’s ambitious plans to accelerate their expansion across Egypt, a nation with a substantial unbanked population.

Dopay’s virtual banking platform addresses a critical need in cash-based economies by enabling employers to seamlessly transition to digital payroll payments for their workforce.

This promotes financial inclusion by providing essential banking services to those who might otherwise lack access to traditional banking systems.

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Building on Success: A Platform with Potential

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, highlights the strategic value of dopay’s approach. He emphasises the company’s potential to unlock long-term value by integrating unbanked workers into the financial system through payroll.

This not only promotes financial inclusion but also opens doors for the introduction of additional financial products and services, promoting long-term customer relationships.

A Shared Vision: Transforming Financial Services

Kaj-Erik Relander, an existing investor and board member at dopay, echoes the company’s vision. He recognises the immense opportunity presented by the large unbanked population and commends dopay’s robust platform.

Relander reiterates his unwavering support for dopay’s mission to change the way financial services are delivered in emerging markets.

Beyond Funding: A Self-Financing Future

Frans van Eersel, dopay’s founder and CEO, emphasises the perfect timing of this investment as the company experiences rapid growth. The influx of capital will be strategically utilised to further enhance the dopay platform.

Additionally, dopay plans to leverage deposited funds, in collaboration with partner banks, to develop a self-financing lending model. This innovative approach has the potential to unlock new financial possibilities for dopay’s users.

Why Dopay?

Dopay’s website offers a compelling case for both businesses and employees:

For Businesses:

Effortless Onboarding: Streamline the onboarding process by adding new team members in just a few clicks.
Simplified Payments: Manage payroll effortlessly, facilitating single or bulk payments 24/7/365.
Cost-Effective: Eliminate the need for additional bank accounts; utilise your existing account for seamless integration.
Enhanced Employee Satisfaction: Offer the convenience and prestige of dopay cards, empowering employees to manage their finances effectively.

For Employees:

Effortless Account Creation: Open a dopay account within days, eliminating the need for lengthy bank applications.
Instant Access to Funds: Enjoy immediate access to wages after payroll processing.
Global Acceptance: Withdraw cash from any ATM or make cashless purchases at Mastercard-accepting shops worldwide.

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The Future of Payroll: A Cashless Reality

Dopay’s innovative approach is transforming the way payroll is managed in emerging markets. By bridging the gap between cash-based economies and digital financial services, dopay empowers businesses and employees alike.

This latest funding round positions dopay for continued growth and solidifies their commitment to making financial inclusion a reality for millions of unbanked workers.