Dapio, a UK-based firm that assists businesses with accepting contactless payments via their Android devices, has acquires $3.4 million in capital via a round that was co-led by payments firm Flutterwave and Techstars.
Dapio, previously known as Paymob, aims to transform Android phones into payment terminals that may accept tap and pay.
The Fintech company works cooperatively with POS vendors, banking institutions and other service providers, which integrate its technology into their existing merchant offerings.
With the fresh capital in place, Dapio is now well-positioned to provide its first app directly to merchants based the United Kingdom and Europe.
Kosta Du, CEO at Dapio, stated:
“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?”
As noted by its management, Dapio are “much more than just a payment gateway, we partner with fintechs, vendors and banking enterprise looking to elevate their own financial offering for their own business and individual customers.”
The firm also noted:
“Helping merchants to accept frontline payments without the behind-the-scenes difficulties of continual development, maintenance and rigorous certification processes. We take care of the end-to-end pay-tech infrastructure behind the face of our partners own unique brand identity.”
The Fintech company adds:
“We are on a mission to challenge the status quo of paytech culture to show there’s another way to do things. Simply put, our payment acceptance infrastructure is faster and more affordable, unlocking paytech freedom for all.”
The company’s founders have specialized for 10 years “as experts in the fintech space as providers of electronic payment services, bank processing systems, mobile devices and payment terminals.”
As noted by the firm, they are focused on “developing innovative, market-leading products that meet all international security standards.”
In 2019, having noticed a dynamic shift in consumer behavior, and the rise in digital payments, they “decided to develop a payment gateway and accompanying digital infrastructure to enable any business to accept payments with the same ease and accessibility as their customers were making them – thus the smartphone terminal was born.”
In 2021, after three years of development, testing and rigorous certification processes, Dapio Smart Payments “was ready to launch.”
At Dapio they want “to enable any business, both large and small to provide their own Tap to Phone financial services, transforming ordinary smartphones into a direct card reading terminal.”