dopay secures GBP 13.2 mln in Series A funding

Monday 20 September 2021 13:29 CET | News

dopay, a B2B2C payments platform which aims to serve unbanked workers in emerging markets has closed a GBP 13.2 million in a Series A funding round. 

Through its virtual banking platform, dopay digitises cash payments from employers to workers and other beneficiaries. The platform enables staff to be paid in real time, even during weekends and holidays. Each account provides a prepaid debit card, in partnership with Mastercard, enabling 24/7 access to funds via ATM withdrawal.

The Series A funding round will enable dopay to continue scaling in its initial market, Egypt, while building a range of financial services in addition to cashless payroll and prepaid cards for employees.

The round was led by Force Over Mass Capital, FMO, and NN Group. Mbuyu Capital and Alder Tree Investments were also significant participants.

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Keywords: digital payments, funding, digitalisation, prepaid card
Categories: Banking & Fintech | Payments General
Countries: Egypt
This article is part of category

Banking & Fintech