dopay Raises $18M Series A for Virtual Banking Platform

dopay announced an $18 million Series A funding round to grow its next-generation virtual banking platform targeting unbanked workers in emerging markets such as Egypt. The round was led by Force Over Mass Capital, FMO (the Dutch entrepreneurial development bank), and NN Group, with additional participation from Mbuyu Capital and Alder Tree Investments. dopay operates a B2B2C model, partnering with employers to provide cashless payroll disbursement and prepaid card services to workers who lack traditional bank accounts. The new capital will be used to scale the platform's presence in Egypt, where it has established a strong foothold, and to expand its suite of embedded banking services.

By digitizing payroll for unbanked populations, dopay addresses a significant financial inclusion gap in emerging markets. The round signals growing investor appetite for BaaS and embedded finance solutions targeting underserved demographics in MENA and beyond.