UK fintech Dopay picks £13.1M to make payments electronically


Worldwide, an estimated 200 million businesses still rely on cash payments, and 1.7 billion people in regular paid work have no access to bank accounts. Based out of London, Dopay is set to break the cash cycle with a range of services. 

Raised £13.1M

Recently, the UK company Dopay raised an $18 million (approx £13.1 million) Series A funding round. The round was led by Force Over Mass Capital, FMO, and NN Group. Mbuyu Capital and Alder Tree Investments were also significant participants.

The company will use the fund to continue scaling rapidly in its initial market, Egypt while building a range of financial services in addition to cashless payroll and prepaid cards for employees. 

Next-generation virtual banking platform

Founded by Frans van Eersel in 2014, Dopay digitises cash payments from employers to workers and other beneficiaries through its virtual banking platform.

The company’s platform enables staff to be paid in real-time, even during weekends and holidays. Each account provides a prepaid debit card and 24/7 access to funds via ATM withdrawal. 

Prepaid card users enjoy instant and secure access to banking facilities, no matter how much they earn, claims the company in a press release. 

MENA-focused expansion plans

Today, Dopay has hundreds of active corporate customers in Egypt, from small local businesses to large enterprises including McDonald’s and the country’s leading bus ride-sharing brand, SWVL. 

The company has extensive MENA-focused expansion plans, building on established and growing operations in the region’s largest single market, Egypt.

Wouter Volckaert, Chief Investment Officer, Force Over Mass Capital, said, “Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit. The Dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers. Each company signing up with Dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees while enabling Dopay to scale their business at pace.”

Michiel Timmerman, Managing Partner, Mbuyu Capital, commented, “We are very excited about our investment in Dopay. The company’s product offers significant potential for growth, addressing the very large market of cash-paid workers with a solution that benefits employers and employees. It presents an opportunity to create financial inclusion at scale. The regulatory approvals acquired to launch their next-generation platform have created a strong competitive advantage for Dopay in this segment of the financial services market in Egypt.”

Frans van Eersel, Founder and CEO of Dopay, said, “The value of our Series A funding confirms the investment community’s confidence in the dopay offer. Our commercial validity through our B2B2C model is clear, and our technology capability is proven and strong. Egypt is the biggest market in the MENA region. We will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees. Our dopay leadership is world-class, with successful creators of billion-dollar payments businesses on the Board. We are ready to aggressively grow our solutions, leveraging up- and cross-selling opportunities, as we increase Dopay’s range of services and partners across MENA.”