Fin­tech Startup Do­pay Raises $2.4M to Con­quer Egypt, Ghana Mumz­world Closes Multi-mil­lion Dol­lar In­vest­ment Round

Arabnet - The Quarterly - - Industry Stories -

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.

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