UK-based payments technology provider Dojo has secured a $190m investment from Vitruvian Partners, marking the maiden equity raise in the company’s history.
This investment will support Dojo’s expansion efforts in the UK and its entry into European markets such as Ireland, Italy, and Spain. The funds are aimed at enhancing Dojo’s cloud-native platform, which is claimed to process between six and nine million transactions daily, offering fast transactions and reliable connectivity.
Since launching in 2021, Dojo is said to have experienced rapid growth, establishing a strong presence among small and medium-sized enterprises while also gaining traction with larger businesses. The company stated that it connects with 50 million unique consumer cards each month, demonstrating its significant market share in the UK.
Dojo chief financial officer Francois Callens said: “In a short space of time, our game-changing technology and proven customer proposition has 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.”
J.P. Morgan Securities acted as the sole placement agent for this funding round. Vitruvian Partners will work alongside Dojo’s management to support its strategic objectives across Europe, leveraging its experience in the fintech and payments sectors.
Dojo serves over 140,000 businesses through its multi cloud-native payments platform, offering both in-person and digital payment solutions. The technology is designed to be quickly implemented, aiding businesses of all sizes in managing payments efficiently.
Vitruvian Partners partner Stephen Byrne said: “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.”
