dopay, a London, UK-based provider of a payroll and cash management service for companies, secured $2m in seed funding.
Backers included ACE & Company, Techstars Ventures and a syndicate of angel investors.
The company intends to use the funds to launch its services in Egypt and expand into new markets in the Middle East, Africa and India.
Led by Frans van Eersel, founder, dopay cloud-based payroll service that allows employers to calculate salaries and pay all employees electronically. They receive their salary in a dopay account, which comes with a debit card, can manage their finance with a mobile app and top-up their prepaid mobile and send money, anywhere anytime. Egypt is the company’s first operating market.
It works closely together with bank and card partners such as Barclays and VISA in Egypt.
dopay was part of the first cohort of the Barclays Accelerator, powered by Techstars program in London.