dopay, a London, UK-based provider of payroll service for unbanked people, raised $2.4m in a pre-Series A funding round.
The round was led by Techstars Ventures and Force Over Mass Capital.
The company, which has raised $4.6m in total funding to date, will use the funds to scale up the team both in development and sales and to further launch its services in Egypt and expand into new markets in the Middle East and Africa.
Led by founder & CEO Frans van Eersel, dopay provides companies with a cloud-based payroll and cash management platform to calculate salaries and pay all unbanked employees electronically. Employees receive their salary in a dopay account, which comes with a debit card that allows them to withdraw cash at any ATM or pay with the card in any store that accepts VISA. People can also manage their “day-to-day” finance with a mobile app, which gives them real-time access to their balance. It also lets users top-up their prepaid mobile and send money, anywhere anytime. Egypt is the company’s first operating market.
The company was part of the first cohort of the Barclays Accelerator program, powered by Techstars, in London.