Egyptian tech entrepreneur Ahmed Nassef's fintech startup nets $13.5 million in Series-A extension

Feyisayo Ajayi -

Key Points

  • Dopay, co-founded by Ahmed Nassef, secures $13.5 million in Series-A extension round.
  • Funding led by Argentem Creek Partners underscores investor confidence.
  • Dopay innovates in digital payroll solutions, eyeing global financial inclusion impact.

Dopay, a fintech startup co-founded by Ahmed Nassef, has successfully raised $13.5 million in its Series-A extension round, underscoring significant investor confidence in its digital payroll solutions. The funding was led by Argentem Creek Partners, with continued support from existing investors, adding to the $18 million raised in its initial Series-A round three years ago.

Strategic partnerships strengthen Dopay’s innovations

With Ahmed Nassef’s extensive experience in major tech giants such as Yahoo and Vyu Inc., Dopay’s successful fundraising initiative underscores growing investor confidence in Egypt’s fintech landscape.

The startup’s strategic partnerships and innovative solutions are set to reinforce its mission of digitalizing cash payments and enhancing financial inclusion across diverse demographics.

Ahmed Nassef, Dopay’s COO, highlighted Egypt’s potential as a microcosm of global opportunities in financial inclusion, emphasizing that over 60 percent of Egyptian workers rely primarily on cash payments.

Dopay’s mission aligns closely with the Egyptian Central Bank’s vision of advancing payment digitization and broadening financial access. Nassef remarked, “This funding is pivotal for Dopay as we embark on our next growth phase, collaborating with Argentem Creek Partners and our existing investors.”

Dopay: Revolutionizing cash payments since 2014

Founded in 2014 by Frans van Eersel and Ahmed Nassef, Dopay has established itself with a virtual banking platform that digitizes employer-to-worker cash payments, catering specifically to the unbanked and underbanked populations.

With more than $36 million in cumulative funding, Dopay continues to innovate, positioning itself as a prominent player not only in Egypt but across the wider MENA region and beyond. The company’s commitment to leveraging technology for sustainable financial ecosystems aligns seamlessly with global trends toward digital transformation and enhanced financial inclusion.

Expansion and digital solutions key to advancing global financial inclusivity

Dopay’s recent $13.5 million Series A extension signals a pivotal moment in its growth, underscoring its role in reshaping financial services across emerging markets. With an expanding footprint and refined digital payment solutions, Dopay is positioned at the forefront of driving financial inclusivity and technological innovation worldwide.

Addressing core challenges in payroll management, Dopay aims to revolutionize the industry, leveraging its success in Egypt as a blueprint for future expansions into similar markets. This highlights the transformative impact of its digital payroll solutions in advancing broader economic development initiatives.