Back to the complete issue
Tuesday, 12 March 2019

Dutch development bank invests EUR 1 mn in Egypt-based payroll platform dopay

INVESTMENT WATCH- Dutch development bank FMO announced yesterday it has invested EUR 1 mn in Dopay, a digital payroll and payments platform through which companies can pay their unbanked employees’ salaries, according to an emailed statement. Egypt is Dopay’s first operating market. “Through this investment, FMO supports dopay to scale up their payments and banking services in Egypt, thereby improving financial inclusion and creating more decent workplaces,” the statement reads. The convertible note was provided by the FMO-managed Massif fund, which invests in low-income countries.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2021 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of Commercial International Bank (tax ID: 204-891-949), the largest private-sector bank in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; and Act Financial (tax ID: 493-924-612), the leading activist investor in Egypt; and Abu Auf (tax ID: 584-628-846), the leading health foodmaker in Egypt and the region.