Flutterwave co-leads Dapio’s $3.4million raise to scale its contactless payment solution in UK and Europe

Dapio, a UK based fintech platform announced that it has raised $3.4 million in a funding round led by Nigeria’s Flutterwave and Techstars. Other participants include Daniel Gould, venture partner at Asymmetry Ventures, and PactVC.

Started in 2019 by CEO Kosta Du and co-founder Grigory Gurbanov, Dapio formerly known as Paymob intends to fuel the launch of its ‘Tap to Pay’ solution for Android users in the U.K. and Europe.

Dapio provides cashless payment solutions for business apps. The startup 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.

The company will soon launch its first direct-to-customer Android app 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.

Kosta Du, CEO and co-founder, Dapio said: “Tap to Pay has shown the world you don’t need complicated or expensive hardware to take frictionless payments. We aim to open this up to Android users across the U.K. 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 improving the customer experience and developing their business.”

CEO Du says Dapio currrently has up to 20 merchants currently testing out its product. He said that by the time Dapio finally goes live with the few partnerships secured, more than 3,500 merchants would’ve been onboarded onto the platform.

According to Olugbenga Agboola on this investment; “We want to change our focus from just Africa to emerging markets and eventually the U.S., the U.K., Europe. Our goal is to ensure that our infrastructure powers those corridors.” This is the first investment outside Africa from Flutterwave.

According to Du on the reason why Flutterwave backed his company, “The key point for us is enabling payment acceptance for micro and small businesses; that drives the recent economic trends. Flutterwave, seeing this, really wanted us to be a part of their bigger vision.”