London-based Dojo, a payments technology provider, has announced an investment of $190M (nearly €168.66M) from global investment firm Vitruvian Partners. This marks Dojo’s first equity raise.
Stephen Byrne, Partner at Vitruvian Partners, says, “We’re delighted to be partnering with Dojo at this critical point on their growth journey. The Dojo team have built next-generation technology that is disrupting card payments and believe they are well-positioned to benefit from an ongoing, fundamental shift towards embedded and integrated payments.”
“Vitruvian’s investment in Dojo builds on our track record in the payments sector, and we look forward to providing capital and support to accelerate Dojo’s growth,” adds Byrne.
Empowering businesses to thrive in the experience economy
Dojo is a payments technology provider that aims to expand its presence in the payments sector with a focus on supporting in-person commerce.
Since its launch in 2021, the company has grown its operations to serve a wide range of businesses, from small firms to larger enterprises. The company’s cloud-based platform processes between 6 and 9 million transactions each day and maintains continuous connectivity for users.
Additionally, the platform enables businesses to install payment solutions quickly and manage card transactions while gaining real-time insights.
Currently, Dojo supports over 140,000 businesses and handles both in-person and digital payments through its multi-cloud platform. It also provides services such as business funding and booking management software.
The company reports engagement with 50 million unique consumer cards each month and states it holds a major share of the UK payments market.
Capital utilisation
Dojo’s new capital will support its business growth in the UK and enable the company to advance its expansion plans by scaling operations in key European markets, including Ireland, Italy, and Spain.
With this expansion, the company aims to increase its market reach and apply its scalable technology across a wider customer base.
Vitruvian Partners will work with Dojo’s management team to support the company’s growth plans.
Investment firm Vitruvian has experience in the fintech and payments sector and has previously helped scale businesses in this area. The firm manages over $20B in active funds and focuses on opportunities in asset-light industries. Its past investments include companies such as Just Eat, Skyscanner, Wise, and Darktrace.
Francois Callens, CFO at Dojo, says, “In a short space of time, our game-changing technology and proven customer proposition have enabled us to become the market leader in the UK. Our ambition doesn’t stop here. Dojo has a large and exciting opportunity ahead, and with the support of Vitruvian, we have the investment to deliver on our plans to scale our growth and enable in-person commerce across Europe.”
Callens adds, “The investment is testament to the hard work from our team and the deep support from our partners and customers over the past four years. We are proud to demonstrate that the UK tech sector can attract global investment, and look forward to working with Vitruvian to deliver our shared ambition of bringing our technology to more Enterprises and becoming a leader in card payments in Europe.”
