Dopay provides a cloud-based payroll service that allows employers to calculate salaries and pay all employees electronically. Unbanked employees receive their salary in a dopay account, which comes with a debit card. Consumers can manage their ‘day-to-day’ finances with the dopay app, which gives users instant and real-time access to their balances. It also lets users top-up their prepaid mobile accounts and send money, anywhere anytime.
Dopay has secured $2 million in seed funding from ACE & Company, Techstars Ventures and a syndicate of angel investors working for leading banks, private equity funds and hedge funds. The funds will further the launch of the company’s services in Egypt and help drive expansion into new markets in the Middle East, Africa and India.
Currently, 2 billion people worldwide have jobs but no bank account. This means they are cut off from even the most basic financial services. Companies that employ these people feel this acutely; they have to manage huge amounts cash, which is costly and inconvenient. Dopay is committed to transforming the lives of the unbanked and underserved people as well as their employers by breaking the cash cycle through a payroll and cash management service for companies, and by offering a full mobile banking experience for consumers.
“We strongly believe that building communities through financial inclusion gives developing economies the momentum to let individuals realize their dreams”, says dopay founder Frans van Eersel, in an official press release. “This funding will help us launch in Egypt and West Africa, explore other markets, as well as bring more features to the card and app that will simplify and better people’s lives.”
Dopay was part of the first cohort of the Barclays Accelerator, powered by the Techstars program in London. The company works closely with leading bank and card partners such as Barclays and VISA in Egypt to create strong financial communities that offer life-changing benefits to its members. Together with these partners, dopay will continue to add new ways for the previously ‘unbanked’ and ‘underserved’ to grow and prosper.