Banking

Cloud payroll fintech dopay raises $18m in Series A round

London-based fintech dopay has closed an $18 million Series A funding round led by Force Over Mass Capital, FMO, and NN Group.

The firm will use its cash to expand in Egypt

Dopay offers digitised cash payments between employers, workers, and beneficiaries. The firm says it meets a “strong and growing demand” for cashless payroll.

The dopay solution allows staff to be paid in real time across weekdays and weekends. Each account comes with a prepaid debit card, issued by Mastercard.

Active in a single market, Egypt, dopay is set to use its new cash to expand its presence there and build out a range of new services.

It claims to already have hundreds of active customers in the country, from small local businesses to brands such as McDonalds and SWVL.

The firm gained an Egyptian banking licence last month, through the Arab Banking Corporation Egypt.

The Series A is the company’s sixth round of funding overall, with its last disclosed seed round, worth $2.4 million, coming in January 2016.

“Egypt is the biggest market in the MENA region,” says Frans van Eersel, founder and CEO of dopay.

“We will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees. We are ready to aggressively grow our solutions.”




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