D

Dopay

www.dopay.com link_icon

Company Research Report: Dopay




Company Overview



Name, Mission of the Company


  • Name: Dopay

  • Mission: To connect businesses and people with fast, convenient, and rewarding options to pay and get paid. Dopay aims to make financial lives easier and more fulfilling by enabling businesses to run payroll without the hassle of cash and banking constraints.


When Was the Company Founded and by Whom


  • Founded: June 2014

  • Founder: Frans van Eersel


Key People in the Company


  • CEO: Frans van Eersel


Where is the Company Headquartered


  • Headquarters: London, United Kingdom


Number of Employees


  • No information is available


Revenue of the Company


  • No information is available


What is the Company Known For


  • Dopay is known for providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, emphasizing convenience and financial inclusion.




Products



Description and Key Features of the Products


Dopay for Business


  • Description: A cloud-based payroll service that enables companies to pay their team members electronically without the need for physical pay packets.

  • Key Features:

  • Instant payroll payment: Swift, hassle-free, and cashless payroll transfer.

  • 24/7/365 payments: Manage payments any time, any day.

  • Account and Card Management: Businesses can open accounts and issue dopay cards for employees quickly.

  • Use existing bank accounts: No need for companies to open a new bank account.

  • Control and Monitoring: Track all payments and their current status, and print payment records easily.

  • Employee Benefits: Employees gain access to mainstream financial services, such as ATM withdrawals and card purchases, using Mastercard-enabled dopay cards.


Dopay Personal Accounts and Cards


  • Description: Accounts and prepaid cards for employees, contractors, and other beneficiaries, facilitating cashless transactions.

  • Key Features:

  • Withdraw wages from ATMs: Employees can access their wages in cash any time.

  • Cashless Purchases: Employees can make purchases at any shop accepting Mastercard.

  • Account Management: Real-time access to account balance and transaction history via an app.

  • Top-up and Transfers: Capability to send money to others and top-up prepaid services.




Recent Developments



What are the Recent Developments in the Company


  • Series A Funding: Dopay raised $18 million in a series A funding round led by Force Over Mass Capital, Dutch development bank FMO, and NN Group, with participation from Mbuyu Capital and Alder Tree Investments.

  • Series A Extension: Recently secured an additional $13.5 million in a strategic series A extension round.

  • Banking Agent License: Awarded by the Central Bank of Egypt, enhancing its ability to offer its services in Egypt in partnership with Arab Banking Corporation Egypt.


What are the New Products Launched


  • Cloud Payroll Service: Initially launched in Egypt with plans to expand into additional markets in the Middle East, Africa, and India.


What are the New Features Added to the Existing Products


  • Instant Salary: Upcoming feature to provide employees early access to earned wages for additional flexibility and convenience.

  • More App Features: Continued development of new features for the Dopay app, enabling better account management and transaction capabilities for users.


Any New Partnerships


  • Partnership with Arab Banking Corporation Egypt: To provide services as a banking agent licensed by the Central Bank of Egypt.




This report provides a detailed overview of Dopay based on the available data and recent developments. Further information may be required for a comprehensive assessment.