– Dopay secures $13.5 million in Series A extension funding, adding to a previous $18 million round, to expand its digital payroll platform for unbanked and underbanked workers in emerging markets.

– The funding, led by Argentem Creek Partners, will accelerate Dopay’s growth in Egypt and support the launch of new financial services and the expansion of its multi-bank, multi-country platform.

– Dopay’s platform offers real-time payments, 24/7 access to funds via prepaid debit cards with Mastercard, and a secure, cashless payroll system, enhancing financial inclusion and transforming payroll processes in emerging markets.

Fintech startup Dopay has announced the closure of a strategic $13.5 million Series A extension round, according to media reports.

The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will allow Dopay to accelerate its expansion in its initial market, Egypt. The company also plans to launch new financial services and expand its multi-bank, multi-country platform to additional markets.

This funding milestone, which follows a previous $18 million Series A round, marks a significant step in Dopay’s mission to digitize payments and promote financial inclusion in cash-based economies.

The startup is offering a digital payroll and payments platform for unbanked and underbanked workers in emerging markets. Based in Hub71, Abu Dhabi’s global tech ecosystem, Dopay is a virtual banking platform that digitizes employer-to-worker payments, addressing a major fintech opportunity in emerging markets.

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, stated, “We believe a payroll-centric approach is key to integrating unbanked and underbanked workers in emerging markets into the financial system.

“This model fosters long-term customer relationships and provides a strong foundation for cross-selling financial products like earned wage access, personal loans, credit cards, business loans, insurance, savings, and investments. We are impressed by Dopay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage.”

Kaj-Erik Relander, an existing investor and board member at Dopay, remarked, “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.

“This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products seamlessly embedded into our platform, enhancing their overall experience.”

Dopay’s platform revolutionizes payroll by enabling real-time payments, even on weekends and holidays. Each account is equipped with a prepaid debit card, in partnership with Mastercard, providing 24/7 access to funds via ATMs.