{"id":557384,"date":"2021-09-16T04:00:49","date_gmt":"2021-09-16T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/"},"modified":"2021-09-16T04:00:49","modified_gmt":"2021-09-16T04:00:49","slug":"fintech-startup-dopay-raises-usd-18-mn-in-series-a-round","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/","title":{"rendered":"Fintech startup Dopay raises USD 18 mn in series A round"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-07\"><\/a> <strong>Egypt-based fintech startup <\/strong><strong><a href=\"https:\/\/www.dopay.com\/\">Dopay<\/a><\/strong><strong> has secured USD 18 mn in funding in a series <\/strong><strong>A round<\/strong> led by UK VC firm <a href=\"https:\/\/www.fomcap.com\/\">Force Over Mass Capital<\/a>, Dutch development bank <a href=\"https:\/\/www.fmo.nl\/\">FMO<\/a> and <a href=\"https:\/\/www.nn-group.com\/home.htm\">NN Group<\/a>, the company said in a <a href=\"https:\/\/dopaynews.pr.co\/202558-fintech-dopay-raises-us-18-million-series-a-round-to-grow-its-next-generation-virtual-banking\/\">statement<\/a> yesterday. African investor <a href=\"https:\/\/www.mbuyucapital.com\/\">Mbuyu Capital<\/a> and Nordic fund <a href=\"https:\/\/alder.se\/en\/\">Alder Tree Investments<\/a> also participated in the round.<\/p>\n<p><strong>About Dopay:<\/strong> Established in June 2014, Dopay provides payroll services and prepaid cards for the unbanked to accelerate financial inclusion in Egypt. The firm\u2019s customers include McDonalds, mass transportation app Swvl, <a href=\"https:\/\/enterprise.press\/stories\/2016\/06\/06\/emirates-nbd-bids-for-barclays-egypt\/\">Barclays-Egypt<\/a> and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/2c6918bb-5900-49b0-a24c-9cfdb570086d\">Bank ABC<\/a>, and last month received an agent banking license from the Central Bank of Egypt.<\/p>\n<p><strong>Dopay has MENA-wide expansion plans: <\/strong>The funding will help the digital payments firm develop its existing business in Egypt and offer new financial services to its platform, according to the statement. The company also has \u201cextensive MENA-focused expansion plans,\u201d it reads, without elaborating. \u201cWe will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees,\u201d Dopay founder and CEO Frans van Eersel said, adding that the company was \u201cready to aggressively grow our solutions, leveraging up- and cross-selling opportunities, as we increase dopay\u2019s range of services and partners across MENA.\u201d<\/p>\n<p><strong>The company is coming off a <\/strong><strong><a href=\"https:\/\/enterprise.press\/stories\/2016\/02\/01\/deodorants-going-cost-customs-duties-rise-luxury-goods\/\">pre-series A funding round<\/a><\/strong><strong> five years ago<\/strong> during which it raised USD 2.4 mn from Techstars Ventures and Force Over Mass Capital. In March 2019, FMO <a href=\"https:\/\/enterprise.press\/stories\/2019\/03\/12\/dutch-development-bank-invests-eur-1-mn-in-egypt-based-payroll-platform-dopay\/\">invested EUR 1 mn<\/a> in the company.<\/p>\n<p><strong>It\u2019s shaping up to be a lucrative September \u2014 and year \u2014 for Egyptian fintech:<\/strong> MNT-Halan <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b07d9131-549a-4e31-aba4-b39a6704f6ac\">last week<\/a> landed USD 120 mn in financing, in what we believe is the largest fintech round ever to take place in MENA. Meanwhile, B2B e-commerce startup and digital lender Capiter <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e159f8b4-f7ca-4e2a-bad4-b9c90de5eaf2\">this week announced<\/a> a USD 33 mn series A round, following MaxAB\u2019s <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/48c7f3ae-18ae-4584-9eb9-d62d863793ba\">USD 40 mn round in July<\/a> as the second-largest \u201cA\u201d round we\u2019ve seen in 2021. Fintech and microloan solutions provider Kashat also announced a more modest USD 1.75 mn bridge funding round <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/270c3c56-9a52-48b3-87c5-98315ccf62f4\">at the start of the week<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt-based fintech startup Dopay has secured USD 18 mn in funding in a series A round led by UK VC firm Force Over Mass Capital, Dutch development bank FMO and NN Group, the company said in a statement yesterday. African investor Mbuyu Capital and Nordic fund Alder Tree Investments also participated in the round. About [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":557385,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7258],"tags":[3298,72,183,95,123,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557384","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-dopay","tag-enterpriseam","tag-fintech","tag-startup-watch","tag-startups","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"2fb370ae-7193-403a-ab9c-c50e035ae278","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/226.jpg","photo_position":"above","related_issue":[557370],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fintech startup Dopay raises USD 18 mn in series A round - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fintech startup Dopay raises USD 18 mn in series A round\" \/>\n<meta property=\"og:description\" content=\"Egypt-based fintech startup Dopay has secured USD 18 mn in funding in a series A round led by UK VC firm Force Over Mass Capital, Dutch development bank FMO and NN Group, the company said in a statement yesterday. African investor Mbuyu Capital and Nordic fund Alder Tree Investments also participated in the round. About [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-16T04:00:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/226.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Fintech startup Dopay raises USD 18 mn in series A round\",\"datePublished\":\"2021-09-16T04:00:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\"},\"wordCount\":339,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/226.jpg?fit=%2C&ssl=1\",\"keywords\":[\"Dopay\",\"EnterpriseAM\",\"Fintech\",\"Startup watch\",\"startups\",\"venture capital\"],\"articleSection\":[\"Startup watch\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/16\/fintech-startup-dopay-raises-usd-18-mn-in-series-a-round\/\",\"name\":\"Fintech startup Dopay raises USD 18 mn in series A round - 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Vollebregt co-founded and acted as COO of international payment services provider GlobalCollect prior to joining DoPay. He is the chairman of the board of directors of global payments infrastructure company Terrapay, board member at\u2026","rel":"","context":"In &quot;Moves&quot;","block_context":{"text":"Moves","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/moves\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":633773,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/21\/local-fintech-player-dopay-secures-usd-13-5-mn-in-a-series-a-extension-round\/","url_meta":{"origin":557384,"position":1},"title":"Local fintech player Dopay secures USD 13.5 mn in a series A extension round","author":"enterpriseam admin","date":"21 July 2024","format":false,"excerpt":"The company will use the funds to accelerate its expansion plans","rel":"","context":"In &quot;Startup watch&quot;","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/1522.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558443,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/egypt-based-payroll-platform-dopay-is-now-bank-abc-egypts-banking-agent\/","url_meta":{"origin":557384,"position":2},"title":"Egypt-based payroll platform Dopay is now Bank ABC Egypt\u2019s banking agent","author":"enterpriseam admin","date":"10 August 2021","format":false,"excerpt":"Egypt-based fintech startup Dopay will offer its digital payroll solutions to Bank ABC corporate clients after obtaining an agent banking license from the Central Bank of Egypt (CBE) through Bank ABC, according to a press release yesterday. The license enables Dopay to offer corporate banking services via its digital payroll\u2026","rel":"","context":"In &quot;Banking&quot;","block_context":{"text":"Banking","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/banking\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/135.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":656077,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/11\/28\/dopay-telda-are-on-cb-insights-list-of-promising-fintech-startups\/","url_meta":{"origin":557384,"position":3},"title":"Dopay, Telda are on CB Insight\u2019s list of promising fintech startups","author":"enterpriseam admin","date":"28 November 2024","format":false,"excerpt":"Two local fintech players made it on CB Insight\u2019s list of most promising fintech startupsof 2024 \u2014 Dopay and Telda. Dopay received a mosaic score of 713\/1000, a unit of measurement that \u201cprovides predictive intelligence into emerging companies\u2019 health and momentum.\u201d Telda received a score of 708. The rest of\u2026","rel":"","context":"In &quot;Kudos&quot;","block_context":{"text":"Kudos","link":"https:\/\/enterpriseam.com\/egypt\/category\/newsmakers\/kudos\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/479.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":601855,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/12\/dutch-development-bank-invests-eur-1-mn-in-egypt-based-payroll-platform-dopay\/","url_meta":{"origin":557384,"position":4},"title":"Dutch development bank invests EUR 1 mn in Egypt-based payroll platform dopay","author":"enterpriseam admin","date":"12 March 2019","format":false,"excerpt":"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\u2019 salaries, according to an emailed statement. Egypt is Dopay\u2019s first operating market. \u201cThrough this investment, FMO supports dopay to scale\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/3\/831.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":647038,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/10\/07\/egypts-first-micro-ins-company-plus-news-from-gafi-nbe-dopay-intro-group\/","url_meta":{"origin":557384,"position":5},"title":"Egypt\u2019s first micro ins. company. PLUS: News from GAFI, NBE, Dopay, Intro Group","author":"enterpriseam admin","date":"7 October 2024","format":false,"excerpt":"Post for Investments owns 51% of the company","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/10\/433.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557384"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557384\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557370"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557385"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557384"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557384"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}