Cairo – Mubasher: Egypt-headquartered fintech Dopay has closed a strategic $13.50 million Series A extension round, according to a press release.

The fundraising, which was led by y Argentem Creek Partners and other existing investors, will enable Dopay to scale up its business in Egypt.

Furthermore, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

This transaction tops up a previous $18 million Series A funding round, reinforcing Dopay's mission to transform cash-based economies by providing financial inclusion for workers.

Dopay, part of Abu Dhabi’s global tech ecosystem Hub71, is a virtual banking platform that digitises cash payments from employers to workers and other beneficiaries.

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, commented: “ This model fosters long-term customer relationships and presents a strong base for cross-selling financial products such as earned wage access, personal loans, credit cards, business loans, insurance, savings, investments, and more.”

Frans van Eersel, Founder and CEO of Dopay, said: “The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model.”

The CEO added: “This model will allow deposited amounts to fuel a lending portfolio, fostering a sustainable and mutually beneficial financial ecosystem. Our customers can look forward to new financing products that will be seamlessly embedded into our platform, enhancing their overall experience.”