Dodo Payments Secures $1.1 Million Seed Funding to Enhance Cross-Border Payment Solutions
Summary: Dodo Payments, a Bengaluru-based fintech company specializing in cross-border transactions, has recently secured $1.1 million in pre-seed funding. The investment round was co-led by Antler, 9Unicorns, and Venture Catalysts, with participation from notable angel investors such as Nitin Gupta (Uni Cards and PayU), Maninder Gulati (former Chief Strategy Officer at Oyo), Raymond Russell (former Chief of Staff at Boom Supersonic), Preethi Kasireddy (former partner at a16z), and Nishant Verman (former head of corporate development at Flipkart)
Bengaluru, India – Fintech startup Dodo Payments has secured $1.1 million in pre-seed funding to revolutionize cross-border transactions. The round was co-led by Antler, 9Unicorns, and Venture Catalysts, with participation from industry leaders such as Nitin Gupta (Uni Cards, PayU), Maninder Gulati (former Chief Strategy Officer at Oyo), Raymond Russell (Boom Supersonic), Preethi Kasireddy (former partner at a16z), and Nishant Verman (former head of corporate development at Flipkart). (Source)
Empowering Businesses with Seamless Global Transactions
Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments serves as a Merchant-of-Record (MoR) platform, solving major challenges in cross-border payments, including low transaction success rates, limited alternative payment options, and complex compliance requirements.
Currently, Dodo Payments supports businesses in 150+ countries and provides over 25 local payment methods, including Apple Pay, Klarna, Affirm, CashApp, UPI, and major card networks. The platform achieves a 90%+ transaction success rate, significantly streamlining international payments for digital-first businesses. (Source)
Growth Plans and Market Expansion
With the new capital, Dodo Payments plans to:
- Expand its local processing network to 30+ new markets, including Europe, the UK, Southeast Asia, the Middle East, Brazil, and Australia.
- Support 100+ currencies and 300+ local payment methods worldwide by 2025.
- Strengthen regulatory compliance and security measures to ensure frictionless global transactions.
The company has already onboarded 1,000+ merchants across 30 countries and aims to scale to 10,000 merchants by year-end. (Source)
AI-Powered Payment Innovation
Dodo Payments is leveraging artificial intelligence (AI) and machine learning to enhance fraud detection, chargeback management, and merchant verification. This AI-driven approach is set to improve transaction success rates while minimizing risks for global businesses.
Importantly, the company is the first Merchant-of-Record platform to integrate UPI for global merchants, offering new opportunities for businesses looking to tap into India’s fast-growing digital economy.
Leadership’s Vision
Co-founder and CEO Rishabh Goel highlighted the importance of this funding, stating, “Our goal is to simplify cross-border payments for digital-first businesses. This investment will accelerate our mission to deliver seamless and secure global transactions.”
Co-founder and CPTO Ayush Agarwal emphasized innovation, saying, “Navigating cross-border payments is complex. Our platform is designed to tackle these challenges, enabling businesses to expand globally with ease.”
Cross-Border Payments: A Booming Market
A report by McKinsey & Company projects that the global cross-border payments market will reach $250 trillion by 2027, driven by digital transformation and increased global trade. Startups like Dodo Payments are well-positioned to lead this growth with their innovative solutions. (Source)
Final Thoughts
Dodo Payments’ funding success underscores its potential to redefine global payments. As businesses continue to seek efficient international transaction solutions, innovative platforms like Dodo Payments are set to play a pivotal role in shaping the future of fintech.
For further details, refer to the official coverage on Economic Times and Financial IT.
Last Updated on: Thursday, March 13, 2025 11:20 am by Anu Priya | Published by: Business Byte Team on Tuesday, February 25, 2025 1:36 pm | News Categories: Business
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