Fintech Startup Dopay Raises $2.4M to Conquer Egypt, Ghana Mumzworld Closes Multi-million Dollar Investment Round
Dopay, a cloud-based electronic payroll service for “unbanked” employees, has raised $2.4 million in a pre-series A funding round led by Techstars Ventures and Force Over Mass Capital. This brings the total investments in the London-based startup to $4.6 million. Dopay said it will use the investment to expand its existing services in the opportunity-rich Egyptian market, where around 65% of the population do not have bank accounts. Since 2014, Dopay provides Egyptian companies with a convenient system to pay their staff electronically. Through partnerships with Barclays and Visa, Dopay provides company employees with bank accounts for salary domiciliation, as well as debit cards they can use online. In addition, it also provides them with an app to manage their money. Founded by Frans Van Eersel, the company is headquartered in London but operates mainly in Egypt. It now counts approximately 20,000 people in its payroll system, which include employees of Vodafone, Wadi Degla, and several embassies in the country. Dopay also plans to launch in Ghana by mid-2016. Beyond that, it is considering new markets where its partners already operate. Mumzworld, the award-winning Uae-based mother, baby, and child e-commerce website has closed a multi-million dollar Series B funding round led by Wamda Capital, twofour54, and Endeavor Catalyst. Additional investors include Precinct Partners and WSB Holding among others, as well as several pre-existing investors who increased their stake in the company. Co-founded by Mona Ataya in 2011, Mumzworld has seen considerable growth in the region. It has the largest online inventory in the GCC, covering more than 100,000 products (including 15,000 products with exclusivity) across its segments. The service is available in English and Arabic, and has a customer base of over 650,000 mothers, of which 45% are repeat customers, returning 5-6 times a year. Mumzworld plans on using the investment to initiate its m-commerce business line in 2016. It will also seek to expand its presence and product range in the MENA, in addition to launching launch new customer-focused initiatives. The new partnerships will bring important strategic contributions for the e-commerce site, enabling it to optimize technology and logistics operations for an enhanced consumer experience.