Frictionless payments app launching on the Google Play store this spring will fuel growth for millions of microbusinesses
Dapio, the cashless payment solutions provider for businesses, announced it has raised $3.4M in growth funding to fuel the launch of its ‘Tap to Pay’ solution for Android users in the UK and Europe. The funding was led by Flutterwave alongside Techstars, PactVC and Daniel Gould, venture partner at Asymmetry Ventures.
Dapio, formerly Paymob, makes it easy for businesses to accept cashless payments quickly and securely in store, over the phone or on the move, anywhere in the world. Its technology transforms any Android smartphone into a direct card reading terminal.
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To date, microbusinesses and sole traders have faced multiple challenges when taking payments from customers, including the need to invest in clunky and expensive hardware and additional fees. With contactless payments exploding, which now make up a quarter of all UK payments, the need for a frictionless solution is more urgent than ever. And while Apple has recently announced plans to launch Tap to Pay on iPhone in the US later this year, this excludes the millions of Android users that make up 42% of the US mobile market, 46% in the UK and 71% globally (StatCounter).
Despite microbusinesses, gig workers and sole traders being the backbone of the UK and European economies, until now they have been underserved by traditional payments providers. There are an estimated 3.2 million sole traders in the UK, making up 75% of all businesses.
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Dapio gives these underserved businesses access to the same robust payments infrastructure as larger organisations. The company will be launching its first direct-to-customer Android app this spring to allow any business to instantly accept contactless payments with the tap of a card or mobile phone, without the hassle and cost of card scanning equipment.
Founded in London in 2019 by fintech veterans Kosta Du and Grigory Gurbanov, Dapio also partners with POS (point of sale) vendors, banks, telcos and other fintechs who integrate its tech to offer their merchant customers ‘Tap to Pay’ facilities, as part of its embedded finance solutions. Its current partners include ZmBIZI and Payment Plus.
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