While many enjoy access to a plethora of online services, there are many others who remain in the dark, so to speak. In Africa, the U.N. notes that mobile phone penetration has exploded over the past 15 years, jumping from just 1% at the beginning of the century to 54% and rising, as of 2012. It is those (and those in other underserved areas) customers that U.K.-based startup Dopay aims to reach with their online banking platform.
Dopay is concentrating on both the company and end-user, offering the former a platform through which they can manage payroll, even across multiple countries, for which they pay based on the number of people that they employ. The system is designed to allow companies to deposit payments to employees in online accounts, through which the employees can subsequently access with a prepaid card. As you would expect from a banking service, Dopay has also developed an app that will enable users to manage their finances through their smartphones. CMO Han van Dijk says that the startup primarily on a transaction-driven basis, but they also charge a monthly fee of 7 pounds.
van Dijk adds that the payment calculation and disbursement software has been on the market for less than a year, while they are rolling out the card and app this month. They are currently operating in Egypt and Ghana, but may soon be ramping up operations elsewhere, as the startup announced in April that they have raised $2 million in new funding from Swiss private-equity firm ACE & Company, Techstars Ventures, and several private angels, money that they intend to use to bolster the service’s presence in Egypt, as well as fuel expansion into markets in the Middle East, Africa, and India. It is notable that the startup picked up additional funding from Techstars, as Dopay was a part of the initial class of the Techstars-managed Barclays Accelerator in London.