Payroll service for the unbanked ‘dopay’ announces $2.4M funding

dopay, a London, England-based company provided payroll services for the unbanked, has announced a successful $2.4 million infusion led by Techstars Ventures and Force Over Mass Capital.

The funds are earmarked for a Middle Eastern and African expansion along with an Egyptian launch.

Services like dopay address pain points with both companies and their unbanked employees. Companies have the inconvenience of handling additional cash while the employees struggle to access basic financial services.

dopaydopay’s solution is a cloud-based payroll service and comprehensive mobile banking platform including an account, Visa-compatible debit card, and money management 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’s thorough solution impressed investors.

“dopay is one of those exceptional companies that have come up with a total solution,” Force Over Mass Capital CEO Martijn de Wever said. “(They’re) creating a win-win situation for both the corporate and the consumer. It is a smart multi-stakeholder approach which has proved to be very successful.”

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