Dopay
“Can a bank-agent payroll platform become the default financial account for Egypt's unbanked workforce?”
Founded2014
HQLondon, UK (operations: Cairo, Egypt)
FoundersFrans van Eersel
Total raisedundisclosed
Latest roundSeed, 2015 ($2M)
IndustryFintech / Payroll & SMB banking
The story
Founded 2014 in London as a cloud payroll service for unbanked employees, originally exploring multiple emerging markets. Pivoted to focus exclusively on Egypt after securing a Bank Agent license through Arab Banking Corporation Egypt in 2021, becoming the in-country agent issuing prepaid cards and personal accounts for unbanked workers under CBE oversight. Has since layered employer-facing services (Dopay Business Account) and earned wage access (EarlyPay) on top of the core cashless-payroll rails.
Product timeline
2014
Founded in London; participated in Barclays/Techstars fintech accelerator.· pivot
2015
Raised $2M seed to launch cloud payroll service for the unbanked.· banking
2021
Granted Egyptian Bank Agent license via Arab Banking Corporation Egypt (Bank ABC Egypt).· banking
2025
Launched EarlyPay — earned wage access product funded by Dopay.· lending
Regulated entities
Bank Agent license (via partner bank)
Egypt (Central Bank of Egypt) · 2021
Dopay Egypt LLC
The stack
Payments / PSP
Banking / BaaS
Arab Banking Corporation Egypt (Bank ABC Egypt) — sponsor bank
Card issuing
Ledger
unknown
Lending
Payroll
Sponsor bank
Accounting gap: significant