dopay raises $2 Million in Seed Funding
11th May 2015
Financing by ACE & Company, Techstars Ventures and several angel investors will help drive expansion into new markets.
dopay, the company whose mission is to become the ‘day-to-day’ bank in markets with largely unbanked and financially underserved populations, has secured $2million 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.
Founder of dopay, Frans can Eersel said this: “Banking the unbanked makes good business sense. Not having a bank account is expensive for everybody, employee and employer alike”
Currently, two 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; “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.”
Commenting on this participation to dopay’s seed round, Charles Lorenceau, ACE’s managing partner said:
“ACE is delighted to have participated in dopay’s seed round, following the first edition of the Barclays Accelerator programme in London in 2014. With a local presence in Egypt – dopay’s first operating market, ACE has first-hand knowledge of the region and intends to support dopay’s development across emerging markets.”