The fresh capital, led by Argentem Creek Partners and with participation from existing investors, will fuel Dopay’s expansion in its home market, Egypt, and support the launch of new financial services.

The company also plans to extend its multi-bank, multi-country platform to other emerging markets.

Founded in 2014 by Frans van Eerse and Roel Van Eersel, Dopay addresses the critical issue of cash dependency among workers in developing economies.

The platform enables employers to make digital cash payments directly to employees, contributing to the Egyptian Central Bank’s goal of promoting financial inclusion and digitizing payments.

In 2021, Dopay obtained a banking agent license, allowing it to launch a virtual banking platform that facilitates real-time payments and account opening for businesses and their employees. This innovative solution aligns with the Central Bank of Egypt’s regulatory framework.

Dopay’s CEO, Frans van Eerse, expressed enthusiasm about the new funding, stating that it will enable the company to enhance its platform, collaborate with partner banks, and develop a self-financing lending model.

This approach will leverage deposited funds to create a sustainable financial ecosystem and offer new lending products to customers.

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, emphasized the potential of a payroll-centric approach to integrating unbanked populations into the formal financial system.

The firm believes this model can foster long-term customer relationships and create opportunities for cross-selling financial products.