# Dopay

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/dopay

- Industry: Financial Services
- Headquarters: Cairo, Egypt
- Website: www.dopay.com
- Total disclosed funding: $22M
- Latest round: Series A (Sep 15, 2021)
- Investors on record: 8

## About

Dopay LLC, based in Egypt, provides innovative cashless payroll solutions that enhance payment processes for businesses while improving the financial experience for employees.Dopay LLC, founded in 2014 and headquartered in Cairo, Egypt, specializes in cashless payroll solutions. The company was founded by Frans Van Eersel, who has a history of entrepreneurial ventures. In July 2024, Dopay secured USD 13.5 million in Series A funding led by Argentem Creek Partners, bringing their total capital raised to USD 13.5 million. The company has completed 8 deals since its inception, with the most recent deal occurring on 2024-07-16.Dopay offers a cashless payroll solution that streamlines payment processes for businesses and enhances the financial experience for employees. Their primary offerings include the dopay business platform, enabling companies to manage payroll for employees and contractors using existing bank accounts without needing new setups. Each team member can have a dopay account linked to a card, allowing cashless transactions and ATM withdrawals. This service targets small and medium enterprises (SMEs) and larger organizations across various sectors, focusing on markets that need efficient payroll solutions. The platform supports user onboarding, payment management, and real-time transaction tracking, catering to clients looking to improve payroll efficiency and employee satisfaction.In the most recent fiscal year, Dopay generated revenue of USD 370,739, with an EBITDA of USD -1,924,876.80. The company's revenue model is based on transaction fees associated with their payroll services and card transactions, allowing businesses to make bulk payments to employees or individual transfers at any time, including weekends and holidays. Clients incur fees for payroll processing while employees benefit from easy access to their wages through dopay cards, enhancing the overall value of employee compensation.In July 2024, Dopay LLC raised USD 13.5 million in Series A funding led by Argentem Creek Partners. This funding will be utilized to support the company's expansion initiatives. Dopay plans to launch new products aimed at enhancing their service offerings and is focusing on expanding into new markets and geographic regions, although specific details about the targeted markets have not been disclosed.

## Funding rounds

- Series A, Sep 15, 2021, $18M — Alder, FMO, NN Group N.V., Force Over Mass Capital, Mbuyu Capital Partners
- Seed, Jan 29, 2016, $2.4M — Techstars, Force Over Mass Capital
- Seed, Apr 30, 2015, $2M — Techstars, ACE & Company
- Seed, Jun 1, 2014 — Techstars, Aqua-Spark

## Investors

- Techstars (https://capitalatlas.ai/funds/techstars) — Seed
- Aqua-Spark (https://capitalatlas.ai/funds/aqua-spark) — Seed
- ACE & Company (https://capitalatlas.ai/funds/ace-company) — Seed
- Force Over Mass Capital (https://capitalatlas.ai/funds/force-over-mass-capital) — Seed, Series A
- Alder (https://capitalatlas.ai/funds/alder) — Series A
- FMO — Series A
- NN Group N.V. — Series A
- Mbuyu Capital Partners (https://capitalatlas.ai/funds/mbuyu-capital-partners) — Series A