Three years ago, the fintech company secured the first part of a Series A funding round totaling $18 million to bolster its payment solutions.
Egypt-based fintech Dopay, specializing in digitizing payments for unbanked and underbanked individuals, has secured a $13.5 million Series A extension. The announcement was made on Tuesday, July 16, 2024, by investment firm Argentem Creek Partners, which led the round.
Building on Previous Success
This extension complements a previous Series A funding round of $18 million, raised in September 2021.
Co-founded in 2014 by Frans van Eersel and Ahmed Nassef, the fintech plans to accelerate its growth in its domestic market. Dopay will launch new financial services in Egypt and also intends to expand its platform to other markets.
Creating a Sustainable Financial Ecosystem
“These new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model.
This model will enable deposited amounts to feed a loan portfolio, fostering a sustainable and mutually beneficial financial ecosystem,” said Frans van Eersel (photo), founder and CEO of Dopay.
Addressing a Global Need
The fintech estimates that 200 million businesses worldwide still rely on cash payments, and 1.7 billion people have regular paid work but lack a bank account.