Dopay, a FinTech startup providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, announced the closing of a strategic $13.5 million Series A extension round.

This funding milestone tops up a previous $18 million Series A funding round.

Dopay, which is part of Hub71, Abu Dhabi’s global tech ecosystem, is an virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries, directly tackling one of the most significant FinTech opportunities in emerging markets.

The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable Dopay to accelerate its rapid expansion in its initial market, Egypt. Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

Frans van Eersel, Founder and CEO of Dopay, added:

“This funding comes at a pivotal moment, with our growth exhibiting a true hockey stick trajectory. 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. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”

Feature image credit: Frans van Eersel, CEO & Founder of Dopat and Ahmed Nassef, Chief Operating Officer of Dopay