Worldwide, an estimated 200 million companies nonetheless depend on money funds, and 1.7 billion individuals in common paid work haven’t any entry to financial institution accounts. Based mostly out of London, Dopay is ready to interrupt the money cycle with a variety of providers.
Just lately, the UK firm Dopay raised an $18 million (approx £13.1 million) Sequence A funding spherical. The spherical was led by Power Over Mass Capital, FMO, and NN Group. Mbuyu Capital and Alder Tree Investments have been additionally important contributors.
The corporate will use the fund to proceed scaling quickly in its preliminary market, Egypt whereas constructing a variety of economic providers along with cashless payroll and pay as you go playing cards for workers.
Subsequent-generation digital banking platform
Based by Frans van Eersel in 2014, Dopay digitises money funds from employers to staff and different beneficiaries via its digital banking platform.
The corporate’s platform permits workers to be paid in real-time, even throughout weekends and holidays. Every account offers a pay as you go debit card and 24/7 entry to funds by way of ATM withdrawal.
Pay as you go card customers get pleasure from instantaneous and safe entry to banking services, regardless of how a lot they earn, claims the corporate in a press launch.
MENA-focused enlargement plans
Right now, Dopay has a whole bunch of energetic company clients in Egypt, from small native companies to massive enterprises together with McDonald’s and the nation’s main bus ride-sharing model, SWVL.
The corporate has intensive MENA-focused enlargement plans, constructing on established and rising operations within the area’s largest single market, Egypt.
Wouter Volckaert, Chief Funding Officer, Power Over Mass Capital, stated, “Egypt has round 2.4 million particular person companies and 104 million individuals, some 67% of whom would not have a checking account, whereas 94% haven’t any entry to credit score. The Dopay enterprise mannequin engages with enterprise homeowners within the first occasion, that means they don’t have to draw particular person clients. Every firm signing up with Dopay brings a complete workforce in a single transaction, and this can be a very sturdy progress driver. Their new platform offers frictionless onboarding for workers whereas enabling Dopay to scale their enterprise at tempo.”
Michiel Timmerman, Managing Companion, Mbuyu Capital, commented, “We’re very enthusiastic about our funding in Dopay. The corporate’s product provides important potential for progress, addressing the very massive market of cash-paid staff with an answer that advantages employers and workers. It presents a chance to create monetary inclusion at scale. The regulatory approvals acquired to launch their next-generation platform have created a powerful aggressive benefit for Dopay on this phase of the monetary providers market in Egypt.”
Frans van Eersel, Founder and CEO of Dopay, stated, “The worth of our Sequence A funding confirms the funding neighborhood’s confidence within the dopay supply. Our industrial validity via our B2B2C mannequin is obvious, and our expertise functionality is confirmed and robust. Egypt is the largest market within the MENA area. We are going to serve a quickly rising variety of Egyptian companies, from SMEs to main companies, and their workers. Our dopay management is world-class, with profitable creators of billion-dollar funds companies on the Board. We’re able to aggressively develop our options, leveraging up- and cross-selling alternatives, as we enhance Dopay’s vary of providers and companions throughout MENA.”