There are 2 billion people worldwide who have jobs but no bank account. This means they are cut off from even the most basic financial services that we take for granted. Companies that employ these people feel this acutely; cash handling costs for managing both incoming cash flow from their unbanked customers as well as the wages of their unbanked employees could take up as much as 25% of their revenue.
Banking the unbanked makes good business sense.
dopay is committed to transforming the lives of these ‘unbanked’ people and their employers by breaking the cash cycle through a payroll and cash management service for companies, and a full mobile-banking experience for the unbanked. Already dubbed by the financial press as ‘bank of the future’, dopay is set to roll out its simple, low cost and mobile-based financial eco-system in Egypt, Ghana and India in 2015. The ambition is to have launched in 10 countries by the end of 2016.

Type
Private
HQ
London, GB
Founded
2014
Size (employees)
75 (est)-2%
Website
dopay.com
DoPay was founded in 2014 and is headquartered in London, GB
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Key People/Management at DoPay

Ezzeldin Ahmad

Ezzeldin Ahmad

COO
Frans van Eersel

Frans van Eersel

Founder & Managing Director
Brad van Leeuwen

Brad van Leeuwen

Chief Partnerships Officer
William Rolvink

William Rolvink

Chief Information Officer
Khaled Abou-Zied

Khaled Abou-Zied

Finance Director

DoPay Office Locations

DoPay has offices in Greater London, Amsterdam, Tema, London and in 3 other locations
London, GB (HQ)
1 Canada Square
Amsterdam, NL
101 Barbara Strozzilaan
Den Haag, NL
60 Koninginnegracht
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DoPay Financials and Metrics

Summary Metrics

Founding Date

2014

Total Funding

$7.1 m

Latest funding size

$2.40 m

Time since last funding

2 years ago

Investors

DoPay's latest funding round in January 2016 was reported to be $2.4 m. In total, DoPay has raised $7.1 m
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DoPay Financials

DoPay's revenue was reported to be £87.84 k in FY, 2016
GBP

Revenue (FY, 2016)

87.8 k

Gross profit (FY, 2016)

(429.7 k)

Gross profit margin (FY, 2016), %

(489.2%)

Net income (FY, 2016)

(3.9 m)

EBITDA (FY, 2016)

(3.9 m)

EBIT (FY, 2016)

(4 m)

Cash (31-Dec-2016)

482.7 k
GBPFY, 2014FY, 2015FY, 2016

Revenue

101.6 k87.8 k

Cost of goods sold

379.4 k517.6 k

Gross profit

(277.8 k)(429.7 k)

Gross profit Margin, %

(274%)(489%)
GBPFY, 2014FY, 2015FY, 2016

Cash

20.8 k1.3 m482.7 k

Accounts Receivable

44 k12.5 k

Inventories

21 k6.4 k

Current Assets

294.5 k1.5 m697.9 k
GBPFY, 2014FY, 2015FY, 2016

Net Income

(76.2 k)(1.4 m)(3.9 m)

Cash From Operating Activities

(12.9 k)(2.4 m)

Cash From Financing Activities

1.6 m1.9 m

Net Change in Cash

1.3 m(864.9 k)
GBPY, 2016

Revenue/Employee

3 k

Financial Leverage

-5.3 x
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