Dealflow | September 22, 2021

Dopay raises $18 million to bank Egypt’s businesses and their workers

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, September 22 – London and Cairo-based Dopay strategy for financial inclusion: offer financial services to businesses – and then signs up their employees and gig workers.

Two thirds of Egypt’s 100 million people are unbanked; Dopay estimates that hundreds of millions of businesses in frontier and emerging markets pay workers in cash.

The registered digital bank helps businesses sign-up workers for personal accounts and pay them though its digital payroll platform. Enrolled workers get a Mastercard debit card and Dopay’s app for handling personal financial transactions.

Dopay’s business customers range from local shops to McDonald’s franchises and ride-sharing company SWVL.

Dopay raised an $18 million Series A round from Force Over Mass Capital, Dutch development bank FMO, NN Group, Mbuyu and Alder Tree Investments.