DIGIDOE, the UK-based startup which is on a march to revolutionise the world’s outdated payments infrastructure, has secured more than £850,000 from new investors.
The initial funding round was closed early because of high levels of customer interest in DigiDoe’s unique next generation, fraud-inhibiting, multi-currency payments system.
DigiDoe is the first company in the UK to offer biometrics-based payments to merchants without the presence of a card or phone.
Led by investment firm, Joint Journey the fresh funding amounts to £852,500. PLF, the seed fund managed by Flashpoint Venture Capital and I2BF Global Ventures Ltd, also joined the round along with several individual investors.
DigiDoe, a fintech startup, will use its new financing to further develop new systems and tools to provide the best service to its clients, hire key personnel and fund growth in Europe and the United States.
Alexandra Vidyuk, co-founder and executive director of DigiDoe, said: “It’s immensely encouraging to have customers knocking at the door so early in DigiDoe’s journey, as we revolutionise the creaky payments infrastructure that businesses have to deal with every day.
“While cash has gone out the door and card and phone payment capabilities have soared in recent months, behind the scenes the global payments system is still stuck in the dark ages. DigiDoe is changing all that and more. With our secure, fraud-free solution all you’ll need to pay for dinner in future is your smile.”
The global payments industry has grown significantly, but five persistent pain points remain: insufficient reliability, low transaction speeds and high transaction costs, poor security and an increase in fraudulent transactions.
Payment acquiring, domestic and cross-border payments become much cheaper and faster with DigiDoe’s payments infrastructure, allowing financial institutions to offer new services and user experience to businesses and customers.
Designed from scratch, Digidoe’s efficient payments system reduces fraud, cuts fees and costs for merchants, enables ultra-low cost, hassle-free payments which eliminate the need for plastic cards or mobile phones to complete transactions.
DigiDoe is already trialling its patented multi-factor biometrics-based 7D user authentication technology which leverages the latest technological and biometrics advances including secure channel “signatures”.
Sergey Dashkov, co-founder at Joint Journey, said: “DigiDoe’s cutting-edge technology unleashes the payments system of tomorrow, and we are thrilled to be part of that journey.”
The main advantages of DigiDoe’s solution are: eliminating existing types of fraud in remote payments, instant transactions, compliance with AML requirements, fraud protection, and the cost of transactions is 10 times cheaper than competitors.
The business currently focuses on payment processing companies that work with point-of-sale, fintech applications, neo-banks, second-tier banks and gaming platforms. DigiDoe is targeting the UK market with a plan to expand into the European Union and the US over the next 24 months.
Anton Fedorov, Partner at Flashpoint VC and PLF, commented: “We are delighted to be a part of DigiDoe’s journey to transform the world’s payments system. It’s clear that there is a need to lower costs, speed up transactions and prevent hackers from trying to steal at every point in the system.”
While current credit card providers can generate around 60,000 transactions per second, DigiDoe can generate 200,000 per second.
ENDS
For further information, please contact:
Tim Reid
DigiDoe PR and Media office
Email: tim@digidoe.com or Tel: 07720 414205
DigiDoe is revolutionising the world’s outdated payments infrastructure. Its next generation, instantaneous, multi-currency payments system eliminates fraud, cuts transaction fees and costs for merchants and enables ultra-low cost, hassle-free payments for customers using an innovative 7D+ authentication process. Authorised by the Financial Conduct Authority as an Electronic Money Financial Institution. www.digidoe.com
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