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Flutterwave-backed fintech Dapio bags $3.4M as it launches ‘Tap to Pay’ in the UK and Europe


Dapio, the cashless payments solution, has today declared $3.4M in growth funding ahead of rolling out its ‘Tap to Pay’ solution for Android users in the UK and Europe.

“Our mission is to open this up to Android users across the UK and Europe. In doing so, we’re helping businesses grow faster, by taking the pain out of complex payment systems so founders can focus on what’s important: improving the customer experience and developing their business.” remarked Kosta Du, CEO & Co-Founder of Dapio,

This funding round saw participation from African payments giant Flutterwave alongside Techstars, PactVC and Daniel Gould, venture partner at Asymmetry Ventures.

Launching next month!

Dapio will be launching its direct-to-customer Tap to Pay app on the Google Play store next month.

With Apple’s Tap to Pay for iPhone set to launch for US merchants later this year, the Tap to Pay market is set to see major moves.

Dapio hopes to bring this solution to millions of merchants using Android phones which account for 46% of all sold phones in the U.K. and 71% globally. The platform will allow any small business, microbusiness, trader or gig worker to instantly accept contactless payments with the tap of a card or mobile phone, helping fuel their growth.

Contactless payments solutions; From a nice feature to a necessity

The World Health Organization has played a massive role, urging people to increasingly shift to contactless payments to avoid exposure to the novel coronavirus. The benefits, however, for many went beyond public health.

Contactless payments have helped create speed and efficiency for merchants in managing customer checkouts. Lower cash handling costs have also been the result, while also adding an extra layer of security to the business.

Owing to the ease and convenience of checkouts, customers have been observed to increase their spending and have even demonstrated strong customer loyalty.

The majority underserved

Despite making up 75% of all businesses in the UK, the estimated 3.2M sole traders, along with microbusinesses and gig workers remain inadequately serviced by traditional payments processors. 

Microbusinesses and sole traders are in fact still facing multiple challenges when taking payments from their customers. Current circumstances are having businesses increasingly investing in clunky and expensive hardware as well as suffering extra fees, while they forgo reliable contactless payments solutions.

Enabling contactless payments

Dapio is stepping in to give these underserved businesses access to the same robust payments infrastructure as larger organisations.

Formerly Paymob, Dapio is making it easy for businesses to accept cashless payments quickly and securely in-store, over the phone or on the move, anywhere globally. Its technology transforms any Android smartphone into a payment terminal able to accept cashless payments.

“In a world where we make more transactions than ever, it’s still far too difficult for small businesses to take payments from customers. It’s normal for consumers to make payments using their smartphones, so why not allow small businesses to take payments as well? ‘Tap to Pay’ has shown the world you don’t need complicated or expensive hardware to take frictionless payments.” Kosta Du, CEO & Co-Founder of Dapio said. 

A look at Dapio

Dapio was founded in 2019 by fintech veterans Kosta Du and Grigory Gurbanov and is based in London.

The firm also partners with POS (point of sale) vendors, banks, telcos and other fintechs/ payment platforms. These parties integrate Dapio’s tech to offer their merchant customers ‘Tap to Pay’ facilities, as part of its embedded finance solutions. Dapio’s is currently partnering with ZmBIZI and Payment Plus.

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