Dutch development bank invests EUR 1 mn in Egypt-based payroll platform dopay

INVESTMENT WATCH- Dutch development bank FMO announced yesterday it has invested EUR 1 mn in Dopay, a digital payroll and payments platform through which companies can pay their unbanked employees’ salaries, according to an emailed statement. Egypt is Dopay’s first operating market. “Through this investment, FMO supports dopay to scale up their payments and banking services in Egypt, thereby improving financial inclusion and creating more decent workplaces,” the statement reads. The convertible note was provided by the FMO-managed Massif fund, which invests in low-income countries.