dopay, the Level39 member which uses payroll to reach the largest untapped sector in retail banking, has secured US$2.4 million in pre-series A funding in a round led by Techstars Ventures and Force Over Mass Capital.
The funds will further the launch of the company’s services in Egypt and help drive expansion into new markets in the Middle East and Africa.
dopay’s cloud-based payroll technology helps to serve the needs of the two billion people worldwide which have jobs but no bank account.
With the dopay platform employers are able to calculate salaries and pay all employees electronically. Unbanked employees receive their salary in a dopay account, which comes with a debit card. Employees can manage their ‘day-to-day’ finance with the dopay app.
“When the opportunity presented itself to extend our runway, we happily took it”, says dopay founder & CEO Frans van Eersel. “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.”
“dopay is tapping into one of the biggest opportunities in fintech: banking the unbanked. They have a great team and took the right steps to bring them to where they are today”, says Ari Newman, partner of Techstars Ventures. “We are excited to support dopay in reaching the next level.”