Arab Finance: Egypt-based fintech startup dopay has raised $13.5 million in a series A extension round led by Argentem Creek Partners, with the participation of existing investors, according to a press release.

The funds will be used to accelerate dopay’s rapid expansion in Egypt, in addition to launching new financial services to expand its multi-bank multi-country platform to other markets.

“The new funds will help us elevate our platform and, in collaboration with our partner banks, leverage deposited funds to create a self-financing lending model,” Kaj-Erik Relander, existing investor and board member at dopay, said.

“Our success in Egypt will serve as a blueprint for expanding into other emerging markets, demonstrating the transformative power of our best-in-class digital payroll solutions,” Ahmed Nassef, COO of dopay commented.

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