Dapio, a cashless payment solutions provider for businesses based in the United Kingdom, said that it has secured US$3.4 million to support the launch of its ‘Tap to Pay’ solution for Android users in the United Kingdom and Europe on March 30, 2022.

The growth round was co-led by Flutterwave, an African payments company, and Techstars. Asymmetry Ventures’ Daniel Gould and PactVC were among those who took part.

Source: Dapio

What the founder has to say:

Co-founder and CEO- Dapio- Kosta Du:

“I arrived in the United Kingdom. A few years ago, and had difficulty obtaining financial services such as insurance, creating bank accounts, and receiving payments.

I completely appreciate how inconvenient it is to go to a bank and go through the same procedure as a large corporation. Because these microbusinesses were not qualified for large machines, my wife had difficulty sending wire transfers to pay clients. And I just felt there could be a more beautiful way to make payments for solopreneurs and micro-businesses.”

“The main difference between other players is that we want to go through embedded finance.” We don’t want to reach out to businesses directly; instead, we want to incorporate our payment acceptance function into existing apps of fintechs, POS suppliers, banks, and telecoms, who will integrate our technology with all of their company clients,” added the CEO.

About Dapio:

Dapio’s introduction reflects the current state of the UK payments market, where contactless payments helped by NFC technology have increased, accounting for a quarter of all transactions.

It’s even catching on in other countries, with Apple planning to launch Tap to Pay in the United States. Dapio, on the other hand, is wholly focused on the Android market, which accounts for 42% of the US mobile market, 46% in the UK, and 71% globally.

The company’s upcoming ‘Tap to Pay’ mobile software will allow any establishment to quickly take contactless payments with a card or mobile phone tap. ZmBIZI and Payment Plus are two of its current partners.

Dapio is now testing its solution with up to 20 businesses. According to CEO Du, by the time Dapio goes live with the few agreements in place, more than 3,500 merchants will have signed up for the platform.

And, because ZmBIZI and Payment Plus are powering Dapio’s expansion across the United States, the United Kingdom, and Europe, co-lead investor Flutterwave will be crucial for expanding into Africa and the Middle East.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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