Dojo, a fintech specialising in payment solutions in the UK, Ireland, Spain and Italy, reports that it has secured a $190 million investment round from growth capital investment firm Vitruvian Partners. The investment marks the first capital increase in Dojo’s history. These funds enable Dojo to significantly accelerate the company’s continued growth in the UK and expansion into European markets. Dojo’s mission is to reinvent the payments landscape to grow in-person commerce. Its cloud-native platform offers the flexibility to meet the evolving needs of businesses. Dojo processes between 6 and 9 million transactions per day, offering its customers a fast payment service and always-on connectivity.
Since its launch in 2021, Dojo has grown systematically by targeting SMEs and increasingly supporting large enterprises with its highly scalable end-to-end platform. The company has strived to understand and meet the needs of its customers, from small, often family-owned businesses to some of the best-known brands in large retail. As a result, Dojo has experienced significant growth reaching 50 million unique consumer cards per month in the UK market alone.
The investment will help Dojo consolidate its strong track record and accelerate its strategic growth plans, enabling it to expand into major European markets, including Ireland, Italy and Spain. This will create a much larger market for Dojo to address and leverage its highly scalable technology.
Vitruvian has experience in the fintech and payments industry. Through this investment, Vitruvian will work with the management team to support Dojo’s growth ambitions.
“In a short period of time, our revolutionary technology and proven customer proposition have enabled us to become the market leader in the UK,” says Francois Callens, chief financial officer of Dojo, in a statement. Dojo has a great and exciting opportunity ahead of it and, with Vitruvian’s support, we have the necessary investment to realise our growth plans and drive the development of in-person commerce across Europe. The investment is testament to the hard work of our team and the deep support of our partners and customers over the last four years. We are proud to demonstrate that the UK technology sector is capable of attracting global investment and we look forward to working with Vitruvian to realise our shared ambition to bring our technology to more businesses and become a leader in card payments in Europe.”
“We are delighted to partner with Dojo at this pivotal time in its growth journey,” says Stephen Byrne, partner at Vitruvian Partners. “The team at Dojo has developed next-generation technology that is revolutionising card payments and we believe it is ideally positioned to take advantage of the deep and ongoing shift towards embedded and integrated payments. Vitruvian’s investment in Dojo builds on our proven experience in the payments industry and we look forward to providing capital and support to accelerate Dojo’s growth.”
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