Dopay Raises $18 Million Series A Round
Dopay meets a strong and growing demand from businesses for cashless payroll and from employees for access to digital banking and electronic payments. Worldwide, an estimated 200 million businesses still rely on cash payments while their workers have no access to bank accounts.
Through its virtual banking platform, dopay digitizes cash payments from employers to workers and other beneficiaries, directly addressing one of today’s largest fintech opportunities in emerging markets. The Series A funding round will enable dopay to continue scaling rapidly in its initial market, Egypt, while building a range of financial services in addition to cashless payroll and prepaid cards for employees. The round was led by Force Over Mass Capital, FMO and NN Group. Mbuyu Capital and Alder Tree Investments were also significant participants.
Photo courtesy of Scott Mainwaring.