Abu Dhabi: Dopay, a FinTech startup providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, announced the closing of a strategic $13.5 million Series A extension round. This funding follows a previous $18 million Series A round.
Dopay, part of Hub71, Abu Dhabi's global tech ecosystem, is a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries.
The Series A extension funding, led by Argentem Creek Partners and participation from existing investors, will enable Dopay to accelerate its 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.
Maarten Terlouw, Co-CIO at Argentem Creek Partners, said: "We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system. 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."
Kaj-Erik Relander, an investor and board member at Dopay, said: "The unparalleled capabilities of Dopay's platform and the significant underbanked population present a remarkable growth opportunity. Our continued support underscores our confidence in Dopay's mission to revolutionize financial services in emerging markets."
Frans van Eersel, Founder and CEO of Dopay, added: "This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model.
Dopay's payroll platform enables real-time payments, even on weekends and holidays. In partnership with Mastercard, each account is equipped with a prepaid debit card, providing 24/7 access to funds via ATM withdrawal.
