Dodo Payments, a fintech company focused on cross-border transactions, has secured $1.1 million in pre-seed funding. The investment round was led by Venture Catalysts, Antler, and 9Unicorns, with participation from several angel investors, including industry leaders from PayU, Oyo, Flipkart, and a16z.

Founded in 2023 by Rishabh Goel and Ayush Agarwal, Dodo Payments aims to simplify international payments for digital-first businesses, particularly in emerging markets.

The platform addresses challenges such as low transaction success rates, limited access to alternative payment methods, and complex documentation processes.

As the first Merchant-of-Record platform in India and other emerging markets, it enables businesses to accept payments from over 150 countries with reported success rates exceeding 90%.

Commenting on the funding, Rishabh Goel, Co-founder and CEO of Dodo Payments, stated,

“We are immensely grateful to all our investors for the trust they have placed in us. With the backing and expertise of investors like Venture Catalysts, we are well-positioned to accelerate our mission of powering seamless global transactions for digital businesses of all sizes.”

The company plans to allocate the funding toward product development, expanding its presence in over 30 new markets, and strengthening compliance and security measures.

According to the press release shared with Newzchain, in the coming year, it aims to support more than 100 currencies and 300 local payment methods. Currently, Dodo Payments works with over 1,000 merchants across 30 countries and has set a target of onboarding 10,000 merchants globally by the end of 2025.

The fintech platform utilizes AI and machine learning for fraud detection, chargeback resolution, and merchant underwriting. It currently supports over 25 local payment methods, including Apple Pay, Klarna, Affirm, CashApp, UPI, and major card networks.

Ayush Agarwal, Co-founder and CPTO of Dodo Payments, emphasized the importance of innovation in tackling cross-border payment challenges.

“The complexities of international payments are constantly evolving. With this funding, we are poised to advance our platform’s architecture, incorporating modules that address the nuanced challenges of cross-border transactions. Our focus remains on delivering a secure, efficient, and user-friendly experience for our merchants.”

Dodo Payments is also recognized as the first Merchant-of-Record platform to offer UPI integration for global merchants, positioning itself as a significant player in facilitating digital transactions for businesses in emerging markets. The company's long-term vision is to enhance the efficiency of global commerce, particularly for AI-driven startups and digital enterprises expanding internationally.

With support from Venture Catalysts and other investors, Dodo Payments is expected to play a key role in shaping the future of international digital payments by providing businesses with more accessible and reliable transaction solutions.