Neobank Dopay Raises $13.5 Million Series A Extension

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 extension funding was led by Argentem Creek Partners with participation from existing investors.

Dopay states this tops up a prior $18 million Series A funding round.

The neobank digitizes cash payments from employers to workers an opportunity in emerging markets. The funding is expected to enable Dopay to accelerate its expansion in its initial market, Egypt. Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

Dopay says around 200 million companies worldwide still depend on cash payments, while around 1.7 billion individuals lack access to bank accounts.

Frans van Eersel, founder and CEO of Dopay, says the funding will support is “true hockey stick trajectory.”

“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 that will be seamlessly embedded into our platform, enhancing their overall experience.”

Dopay’s platform aims to support 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 ATM withdrawal. Enrolled businesses benefit from a cashless payroll system.



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