Flashpoint Seed Fund Joins DigiDoe’s £850k Investment Round to Enhance its Proprietary Technology
17 January 2022, London – DigiDoe, the first company in the UK to offer biometrics-based payments to merchants without the presence of a card or phone, today announced that part of its freshly secured £852,500 ($1.15m) in new funding comes from PLF, the seed fund managed by Flashpoint Venture Capital and I2BF Global Ventures Ltd.
DigiDoe, a UK-based 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. DigiDoe previously raised £410k from founders, friends and family.
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. 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.
Alexandra Vidyuk, co-founder and Executive Director at DigiDoe commented: “We are thrilled to have this new investment and to have customers already knocking at our door. It shows just how badly the world needs the revolutionary new payments infrastructure which DigiDoe has built, which eliminates fraud, speeds up transactions and lowers costs.”
“The global payments system is stuck in the past. DigiDoe is changing all that, not least with our innovative, secure technology which means that customers don’t need cards or phones to pay merchants, they’re able to do so with their face instead.”
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. We wish the team at DigiDoe every success as they grow and build their customer base.”