Dopay Raises $13.5 Million for Global Payroll Expansion

Dopay, a provider of digital payroll solutions for emerging markets, has announced the closing of a $13.5 million Series A extension round. This latest investment brings the company's total Series A funding to $31.5 million, following its initial $18 million round secured in 2021.

The funding round was led by Argentem Creek Partners, a global investment firm focused on high-growth technology companies. Existing investors also participated in the extension, demonstrating continued confidence in Dopay's growth potential.

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay is headquartered in the UAE as part of Hub71, a global tech ecosystem. The company offers a comprehensive virtual banking platform designed to streamline cash digitization for businesses and individuals, including real-time payments, prepaid debit cards issued in partnership with Mastercard, and agent banking services.

Dopay plans to leverage the fresh capital to accelerate its growth trajectory in its core market, Egypt. Furthermore, the company aims to introduce new financial services and expand its multi-bank platform to new emerging markets.