Financing by Techstars Ventures, Tekton Ventures, Force Over Mass and several angel investors will help accelerate expansion into new markets
London, January 29, 2016 – dopay, the company which uses payroll to reach the largest untapped sector in retail banking, has secured US$2.4 million in pre-series A funding in a round led by Techstars Ventures and Force Over Mass Capital. The funds will further the launch of the company’s services in Egypt and help drive expansion into new markets in the Middle East and Africa.
Banking the unbanked makes good business sense. Not having a bank account is expensive for everybody, employee and employer alike. — Frans van Eersel, founder & CEO dopay
Currently, two billion people worldwide have jobs but no bank account. This means they are cut off from even the most basic financial services. Companies that employ these people feel this acutely; they have to manage large amounts of cash, which is costly and inconvenient.
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