Egypt-anchored fintech dopay gets $18 mn; Kenya’s Jumuisha snags seed funding

 Egypt-anchored fintech dopay gets $18 mn; Kenya’s Jumuisha snags seed funding

The UK-based emerging markets fintech dopay, which is presently operating in Egypt as its anchor market, has raised $18 million in a Series A round to grow its business-to-business-to-consumer (B2B2C) payments platform.

The round was led by Force Over Mass Capital, FMO and NN Group. Mbuyu Capital and Alder Tree Investments were also significant participants.

Through its virtual banking platform, dopay digitizes cash payments from employers to workers and other beneficiaries. The Series A funding round will enable dopay to continue scaling rapidly in its initial market, Egypt, while building a range of financial services in addition to cashless payroll and prepaid cards for employees.

The company says it has hundreds of active corporate customers in Egypt, the biggest market in the Middle East and North Africa (MENA) region. These range from small local businesses to large enterprises including McDonald’s and the country’s leading bus ride-sharing brand, Swvl.

“We will serve a rapidly growing number of Egyptian businesses, from SMEs to major corporations, and their employees,” said Frans van Eersel, founder and CEO of dopay. “We are ready to aggressively grow our solutions, leveraging up- and cross-selling opportunities, as we increase dopay’s range of services and partners across MENA.”

Wouter Volckaert, chief investment officer at Force Over Mass Capital, said the dopay business model engages with business owners in the first instance. This means 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.”

Michiel Timmerman, managing partner at Mbuyu Capital, added that 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.

Jumuisha

One-year-old Kenyan fintech Jumuisha, which helps churches and NGOs receive donations, make payments and manage events all in one place, has raised a round of seed funding.

The firm did not disclose the funding amount but said it raised the cash from US-based SprintX Venture Studio, a part of 3pm Ventures.

Jumuisha allows churches to receive donations via the USSD protocol used to send text messages as well as via bank transfer, mobile money, online payment or credit cards. It also helps them make payments to contractors, suppliers and employees.

The company claims to have among its client list 138 churches with over 250,000 members using its solution. It says it has recorded over half a million bookings and more than 100,000 financial transactions through its platform.

Vivek Sinha

The Capital Quest