Financing by ACE & Company, Techstars Ventures and Several of Angel Investors Will Help Drive Expansion Into New Markets
DoPay, the company whose mission is to become the “day-to-day” bank in markets with largely unbanked and financially underserved populations, has secured $2 million in seed funding from ACE & Company, Techstars Ventures, and a syndicate of angel investors working for leading banks, private equity funds and hedge funds. The funds will further the launch of the company’s services in Egypt and help drive expansion into new markets in the Middle East, Africa and India.
Currently, 2 billion people worldwide have jobs but no bank account. This means that they are cut off from even the most basic financial services. Companies that employ these people feel this acutely: they have to manage huge amounts of cash, which is costly and inconvenient.
DoPay is committed to transforming the lives of the unbanked and underserved, as well as their employers, by breaking the cash cycle through a payroll and cash management service for companies and by offering a full mobile banking experience for consumers.
“We strongly believe that building communities through financial inclusion gives developing economies the momentum to let individuals realize their dreams,” says dopay founder Frans van Eersel. “This funding will help us launch in Egypt and West Africa, explore other markets as well as bring more features to the card and app that will simplify and better people’s lives.”
Commenting on this participation to dopay’s seed round, Charles Lorenceau, ACE’s managing partner said, “ACE is delighted to have participated in dopay’s seed round, following the first edition of the Barclays Accelerator programme in London in 2014. With a local presence in Egypt — dopay’s first operating market — ACE has first-hand knowledge of the region and intends to support dopay’s development across emerging markets.
DoPay perfectly reflects ACE’s collaborative approach to investment — from ACE’s early involvement in a leading incubator program to its deep understanding of the local environment allowing it to carry out swift due diligence over the investment opportunity. Going forward, ACE will continue to support dopay’s operations by introducing the company to potential clients and assisting its expansion into new markets.
DoPay was part of the first cohort of the Barclays Accelerator, powered by the Techstars program in London. The company works closely together with leading bank and card partners, such as Barclays and VISA in Egypt, to create strong financial communities that offer life-changing benefits to its members. Together with these partners, dopay will continue to add new ways for the previously “unbanked” and “underserved” to grow in prosperity.