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

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