Egypt’s Dopay secures $13.5m Series A extension for expansion

BREAKING NEWSJuly 17, 2024 at 1:49 PM UTC

TLDR

Egypt-based fintech Dopay secures $13.5 million Series A extension round, led by Argentem Creek Partners.
Dopay, founded in 2014, provides a virtual banking platform digitizing cash payments.
Funding will drive Dopay's growth in Egypt, launch new financial services, and expand into additional markets.

Egypt-based fintech Dopay has closed a $13.5 million Series A extension round, adding to a previous $18 million Series A round raised in 2021. This new round was led by Argentem Creek Partners, with participation from existing investors.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay is part of Hub71 and offers a virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries.

The new funding will enable Dopay to accelerate its expansion in Egypt, its initial market, as well as to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

Key Takeaways

With over 60% of Egyptian workers primarily relying on cash, Dopay’s mission aligns with the Egyptian Central Bank’s vision of digitizing payments and promoting financial inclusion. In August 2021, Dopay was awarded a banking agent license through Arab Banking Corporation Egypt (Bank ABC Egypt). This license allowed the company to launch a next-generation virtual banking platform, enabling businesses to instantly open accounts for their employees and other beneficiaries and pay them in real time, adhering to the guidelines set by the Central Bank of Egypt.

Dopay

Fintech

Egypt

Venture Capital

Argentem Creek Partners

MENA

Arab Banking Corporation Egypt

Startups