Dapio, an American company that allows companies to use Android phones for contactless payments, has raised $3.4 Million in a round of funding.
Flutterwave, together with PactVC Venture Partners, Techstars and PactVC, spearheaded the funding.
Dapio (previously Paymob) allows businesses to accept cashless payments quickly and securely in-store, over the telephone, or anywhere else in the world. It converts any Android smartphone to a contactless payment terminal.
Dapio was established in London by FinTech veterans Grigory Gurbanov and Kosta Du in 2019. The company also partners with POS (point of sale) vendors, banks, telcos, and other FinTechs and payment platforms to integrate its technology into their merchant customers’ Tap to Pay capabilities as part of their embedded finance solutions. ZmBIZI, Payment Plus and other partners are currently available.
Dapio enables these SMEs, which are often underserved, to use the same sophisticated payment infrastructure that is available to larger enterprises.
“In a world where we conduct more transactions than ever before, it is still much too difficult for small businesses to accept payments from customers,” stated Kosta Du, CEO & Co-Founder of Dapio. Small businesses should be able to accept payments through their smartphones. Consumers have become accustomed to using their mobile phones to make payments. ‘Tap to Pay’ demonstrated to the world that frictionless payments do not require intricate or expensive hardware. We want to make this accessible to Android users across Europe and the UK. By removing the hassle associated with complex payment systems, we enable entrepreneurs to focus on what matters most: improving the customer experience and growing their business.”
This spring, the startup will release its first direct to customer Android app. It allows any business to accept contactless payment with a tap of a mobile phone or card, without the hassle or cost associated with card scanning.