Dojo, a leading UK payments technology provider, announced it has secured an investment of $190 million from Vitruvian Partners. The funding marks the first equity raise in Dojo’s history.
How the funding will be used: The funds enable Dojo to significantly accelerate the company’s continued growth in the UK and expansion across European markets. And Dojo’s goal is to reinvent the payments landscape, driving growth in in-person commerce. Its next-generation cloud-native platform offers the flexibility to meet the evolving needs of enterprises. Dojo processes between 6 and 9 million transactions per day, delivering super-fast transactions and always-on connectivity to its customers.
The funding will also help Dojo build on its strong track record and accelerate its strategic growth plans, enabling it to scale across key European markets, including Ireland, Italy, and Spain. And this will create a much larger addressable market for Dojo to leverage its highly scalable technology.
Vitruvian has strong experience in the fintech and payments sector, with a proven ability to identify and scale disruptive, ambitious businesses such as Dojo. Through the funding, Vitruvian will work in partnership with the management team to support Dojo’s growth ambitions.
Momentum: Since launching in 2021, Dojo has grown rapidly due to its highly scalable end-to-end platform. And it brings a deep commitment to understanding and meeting the needs of its customers, from small (often family-run businesses) to some of the most recognized brands. Dojo has delivered exceptional growth, securing a leading market share in the UK and engaging with 50 million unique consumer cards monthly.
Agent: J.P. Morgan Securities acted as the Sole Placement Agent on the raise.
KEY QUOTES:
“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.”
“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.”
Francois Callens, Chief Financial Officer at Dojo
“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.”
Stephen Byrne, Partner at Vitruvian Partners
