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Dopay

B2B payroll and cashless payments platform

Overview

Dopay is a fintech platform that helps businesses in Egypt manage payroll and other payments to employees and vendors via a cashless system. The platform handles payroll processing for companies, including workers who do not have bank accounts. Features include next-day card delivery for new employees and a mobile app that lets businesses manage accounts and payroll anywhere. For employees, Dopay issues a card linked through a Mastercard partnership that lets them access wages 24/7 at ATMs and make purchases online, promoting financial inclusion. The service is sold on a B2B model, charging fees to the companies using its payroll services, and it has regulatory approval from the Central Bank of Egypt. Dopay differentiates itself by targeting the unbanked segment in Egypt, offering fast card delivery, and leveraging Mastercard for card-based wage access. The goal is to make payroll fast, secure, and accessible while bringing more people into the cashless economy.

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About Dopay

Simplify's Rating
Why Dopay is rated
C+
Rated C on Competitive Edge
Rated B on Growth Potential
Rated C on Differentiation

Industries

Enterprise SoftwareFintechFinancial Services

Company Size

201-500

Company Stage

Early VC

Total Funding

$48.3M

Headquarters

Cairo, Egypt

Founded

2014

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Simplify's take

What believers are saying

  • September 27, 2026 site copy claims thousands of Egyptian companies use Dopay.
  • Dopay's 2026 vertical pages target construction, retail, manufacturing, and education payroll.
  • Instant pay and card delivery fit Egypt's still-cash workforce transition.

What critics are saying

  • Dopay's growth depends on Bank ABC Egypt and Central Bank permissions.
  • Competitors like banks and e-wallets now offer zero-fee transfers in Egypt.
  • Any CBE or Bank ABC disruption shuts payroll access and destroys trust.

What makes Dopay unique

  • Dopay's 24/7 payroll in Egypt onboards workers with only national IDs.
  • Bank ABC Egypt backs prepaid Mastercard cards and ring-fenced payroll accounts.
  • Central Bank of Egypt approval anchors compliance for cashless salaries.

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Funding

Total Funding

$48.3M

Below

Industry Average

Funded Over

8 Rounds

Early VC funding comparison data is currently unavailable. We're working to provide this information soon!
Early VC Funding Comparison Coming Soon

Benefits

  • Flexible Work Hours
  • Hybrid Work Options

Growth & Insights and Company News

6 month growth

1%

1 year growth

1%

2 year growth

8%
FinTech Futures
Jul 19th, 2024
ICYMI fintech funding round-up: Dopay, Wamu, Mifundo, Papaya and more

Egyptian fintech Dopay has secured a $13.5 million Series A extension led by US investment firm Argentem Creek Partners.

TechMoran
Jul 18th, 2024
Egyptian Fintech Dopay Secures $13.5 Million In Series A Extension

Egyptian fintech company Dopay, specializing in digital payroll solutions for the unbanked and underbanked workforce in emerging markets, has successfully secured a $13.5 million Series A extension funding round.Led by Argentem Creek Partners, the round also saw participation from existing investors.“The fresh capital will be channeled into accelerating Dopay’s growth within its primary market, Egypt,” the firm noted.Furthermore, the startup plans to introduce a range of new financial services and expand its platform’s capabilities to operate across multiple banks and countries.Founded in 2014 by Frans van Eerse (CEO) and Roel Van Eersel, the company was established to address the challenges faced by the unbanked and underbanked populations in emerging economies. The platform empowers employers to disburse digital payments directly to employees and other recipients, promoting financial inclusion and reducing cash dependency.Egypt, where over 60% of the workforce predominantly relies on cash transactions, aligns with Dopay’s mission. The company’s objectives resonate with the Egyptian Central Bank’s push for digital payments and enhanced financial inclusion.In a significant milestone, the firm obtained a banking agent license from the Arab Banking Corporation Egypt (Bank ABC Egypt) in August 2021. This enabled the fintech to launch a cutting-edge virtual banking platform, allowing businesses to instantly create accounts for employees and beneficiaries, facilitating real-time payments in compliance with the Central Bank of Egypt’s regulations.Building on this momentum, Dopay secured an $18 million Series A funding round in September 2021. These funds were utilized to optimize operations in Egypt and advance the development of its next-generation virtual banking platform.Dopay’s CEO highlighted the importance of the recent funding, stating, “This investment comes at a crucial time of rapid growth in the fintech sector. It will enable us to enhance our platform through partnerships with banks and to establish a lending model using the funds deposited on the platform.”He further expressed optimism about the potential of this lending model to foster a sustainable and mutually beneficial financial ecosystem, promising customers the introduction of new financing products seamlessly integrated into the platform for an enhanced user experience.Co-Chief Investment Officer at Argentem Creek Partners, Maarten Terlouw emphasized Dopay’s strategic focus on payroll services as a key driver for bringing unbanked and underbanked workers into the formal financial system

Gulf News
Jul 16th, 2024
Hub71 startup Dopay secures $13.5 million Series A Extension Round

Hub71 startup Dopay secures $13.5 million Series A extension round.

Crowdfund Insider
Jul 16th, 2024
Neobank Dopay Raises $13.5 Million Series A Extension | Crowdfund Insider

Dopay, a Fintech providing banking to unbanked and underbanked individuals, is reporting raising $13.5 million in a Series A extension funding. The Series A

IBS Intelligence
Feb 1st, 2024
Dopay appoints Ahmed Nassef as Chief Operating Officer and GM

Dopay, a Egypt-based FinTech and payment solutions company, has appointed Ahmed Nassef as its new Chief Operating Officer (COO) and General Manager.

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