Dopay, the rapidly growing fintech providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, announces the closing of a strategic $13.5 million Series A extension round. This funding milestone tops up a previous $18 million Series A funding round and marks a significant step in Dopay's mission to transform cash-based economies by digitizing payments and providing financial inclusion for millions of workers.

With its innovative virtual banking platform, Dopay digitizes cash payments from employers to workers and other beneficiaries, directly tackling one of the most significant fintech opportunities in emerging markets. The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable Dopay to accelerate its rapid expansion in its initial market, Egypt. Additionally, the company plans to launch a range of new financial services and expand its multi-bank, multi-country platform to other markets.

Maarten Terlouw, Co-Chief Investment Officer at Argentem Creek Partners, commented: “We believe a payroll-centric approach is the key to integrating unbanked and underbanked workers in emerging markets into the financial system. 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. We are impressed by Dopay’s multi-bank, multi-country platform and are excited to support the company in its next growth stage. We look forward to working closely together with Dopay’s talented team.”