EGYPTdopay, a B2B2C payments platform that aims to serve 1.7 billion unbanked workers in emerging markets, has finalized an US$18 million Series A round.

dopay intends to address a steady and growing demand from businesses for cashless payroll and from workers for access to virtual banking and digital payments.

Globally, there are numerous companies that still depend heavily on cash payments while their employees don’t have access to standard bank accounts.

Through its digital banking platform, dopay aims to digitize cash transactions from employers to workers and other beneficiaries, directly addressing one of today’s largest fintech opportunities in emerging markets.

As noted in the announcement, the Series A round should allow dopay to continue scaling its business operations in its initial market, Egypt, while developing a range of financial services in addition to cashless payroll and prepaid cards for workers.

The investment round has reportedly been led by Force Over Mass Capital, FMO and NN Group. Mbuyu Capital and Alder Tree Investments also made considerable contributions.

The dopay platform allows staff members to receive real time payments, including weekends and holidays. Each account offers a prepaid debit card, in partnership with Mastercard, enabling 24/7 access to funds via ATM withdrawal.

The update also mentioned that enrolled companies can benefit from a secure and cashless payroll, with easy-to-use interfaces and “fully auditable” transparency.

Prepaid card users are able to enjoy instant and secure access to banking facilities, no matter how much they earn. Dopay’s agent banking license, enabling the delivery of digital banking services and onboarding of employees and beneficiaries in seconds, puts dopay in a strong competitive position in Egypt’s salary payments space,” the announcement noted.

“Egypt has around 2.4 million individual businesses and 104 million people, some 67% of whom do not have a bank account, while 94% have no access to credit,” Wouter Volckaert, CIO at Force Over Mass Capital, said.

“The dopay business model engages with business owners in the first instance, meaning they don’t have to attract individual customers.

“Each company signing up with dopay brings an entire workforce in a single transaction, and this is a very strong growth driver. Their new platform provides frictionless onboarding for employees, while enabling dopay to scale their business at pace.”

Michiel Timmerman, Managing Partner, Mbuyu Capital, said that the company’s product offers significant potential for growth, addressing the very large market of cash-paid workers with a solution that benefits employers and employees.

“It presents an opportunity to create financial inclusion at scale. The regulatory approvals acquired to launch their next generation platform have created a strong competitive advantage for dopay in this segment of the financial services market in Egypt,” Michiel added.

Frans van Eersel, Founder and CEO of dopay, noted that the value of their Series A round confirms the investment community’s confidence in the dopay offer.

Frans added that their commercial validity via their B2B2C model is clear, and their technology capability is proven and strong.

He further noted that Egypt is the largest market in the MENA region. He also mentioned that they will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees.