dopay Raises $2.4 Million in Pre-Series A Fundingdopay, the company 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. 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 mission is to become the ‘day-to-day’ bank in markets with largely unbanked and financially underserved populations. It 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’ finance with the dopay app, which gives users instant and real-time access to their balance. It also lets users top-up their prepaid mobile and send money, anywhere anytime. Egypt is the company’s first operating market.