Dopay raises £13.1m in Series A funding led by Force Over Mass to expand its virtual banking platform
The financing round was led by Force Over Mass, FMO and NN Group to support the company as it scales operations in Egypt.
Dopay operates a digital payroll and payments platform that provides banking services for unbanked and underbanked workers in emerging markets.
Dopay has secured £13.1m in Series A funding to expand its virtual banking operations in Egypt and broaden its financial service offerings. The round was led by Force Over Mass, FMO and NN Group, with participation from Mbuyu Capital and Alder Tree Investments.
The capital will support the company as it scales its B2B2C payroll and digital banking platform, which caters to unbanked workforces. Dopay provides real-time salary payments, prepaid debit cards and instant account onboarding through strategic partnerships and local regulatory licences.
From the founder
"The value of our Series A funding confirms the investment community’s confidence in the dopay offer. Our commercial validity through our B2B2C model is clear, and our technology capability is proven and strong. Egypt is the biggest market in the MENA region. We will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees. Our dopay leadership is world class, with successful creators of billion-dollar payments businesses on the Board. We are ready to aggressively grow our solutions, leveraging up- and cross-selling opportunities, as we increase dopay’s range of services and partners across MENA."
Frans van Eersel
Founder and CEO at Dopay
Investor perspective
"Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit. The dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers. Each company signing up with dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees, while enabling dopay to scale their business at pace."
Wouter Volckaert
Chief Investment Officer, Force Over Mass
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Wouter Volckaert
Force Over Mass
FMO
NN Group
Michiel Timmerman
Mbuyu Capital
Alder Tree Investments
