Dopay raises USD 13.5 mn: Local fintech startup Dopay has closed a USD 13.5 mn series A extension round led by the New York-based emerging markets investment firm Argentem Creek Partners, according to a press release (pdf). The funding tops up a USD 18mn Series A round the firm closed in 2021 and “marks a significant step in Dopay’s mission to transform cash-based economies by digitizing payment.”

Where’s the money going? Dopay will use the freshly-secured funds to fast track its expansion in Egypt, add more services to its platform, and expand into new markets.

About the company: Founded in 2014, Dopay allows businesses to ditch cash payments in favor of electronic transfers to employees and other recipients. Dopay’s offering includes a virtual banking system, prepaid Mastercards, and a growing suite of financial services.

What they said: “This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory,” said Founder and CEO Frans van Eersel. “The 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 allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem.”

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