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Dopay, a London-headquartered startup that provides a payroll service for the unbanked, has raised $2.4m in pre-Series A funding to help it expand across the Middle East and Africa.

The round, which brings the startup’s cumulative funding to $4.6m, was led by Techstars Ventures and Force Over Mass Capital.

Frans van Eersel, founder and CEO at Dopay, said: “Banking the unbanked makes good business sense. Not having a bank account is expensive for everybody, employee and employer alike.

“When the opportunity presented itself to extend our runway, we happily took it. The new investors in the round give us access to a wide network of contacts that will accelerate our growth. Moreover, the funding allows us to scale up our team both in development and sales,” he continued.

Dopay was part of the first cohort of the Barclays Accelerator program, powered by Techstars in London.

Commenting on the raise, Ari Newman, a partner at Techstars Ventures said the startup was tapping into one of the biggest opportunities in FinTech. “They have a great team and took the right steps to bring them to where they are today. We are excited to support Dopay in reaching the next level,” Newman added.

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