PayDo Initiates €3M Round and Activates Club Deal on DoorWay Platform

PayDo, an Italian fintech founded by Donato Vadruccio (who is also the vice-president of ItaliaFintech), which specializes in B2B solutions to innovate the digital payments experience for banks, corporations, payment and e-money institutions, has launched a €3 million funding round to strengthen its strategic growth path. At the same time, PayDo also announced the activation of a club deal organized and managed by the specialized operator Doorway.

This will be in addition to the initial investment in which business angels and institutional investors took part, such as the holding company that invests in startups and scaleups with high growth potential Growth Engine, founded by Michele Appendino, Marco Ariello, Andrea Marangione, and Fabio Mondini de Focatiis.

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PayDo has created a platform that simplifies collection and payment processes, helping to reduce the cost and time of standard processes

Last April, PayDo re-entered along with four other companies in the second batch of the elite acceleration and capital-raising program for startups A-Road, launched in 2021 by Growth Capital and to which a few days ago five other scaleups were admitted: Cosmico, Cubbit, Kippy, Spiagge.it and Wetacoo.

As for Doorway, it is a Venture Investing platform authorized by Consob, operational since mid-2019, with already 29 funded projects and almost €19 million invested. The team, founded and supported by business angels, is led by Antonella Grassigli, the business angel of the year 2021, allows them to diversify their portfolio into the real economy, by accessing selected and validated deals of startups, innovative SMEs, and scaleups with high exit potential, both Italian and foreign, chosen by prioritizing ethical and sustainability criteria.

Grassigli said, “Doorway believes in PayDo’s innovative idea as extremely scalable and necessary for a banking and corporate world grappling with an increasing demand for digital and simple payment tools from its customers/users, and when we reviewed it, we had confirmation of the value of their B2B business model and technology. I am sure that the investors in our community, who are very interested in the fintech world as evidenced by another successful case we had last year, will be able to grasp the potential of this reality.”

Established in 2018, PayDo has created a platform that simplifies collection and payment processes, helping to reduce the cost and time of standard processes. The fintech company’s proposed solutions, developed with an open banking perspective, can be seamlessly integrated with other platforms in order to create strong partnerships between different operators. Value-added services include sending payments, including mass payments, throughout Europe via WhatsApp, SMS or e-mail without knowing the IBAN of the beneficiary, as well as-through a wide network of physical points covering the entire Italian territory, made available by specialized partners-enabling cash withdrawal and deposit services, funds transfer and reloading of banked cards at merchants.

In 2021, PayDo reported an 84 percent growth in revenues over the year before, with transactions and customers also increasing. To date, Fintech has more than 30 customers, including some relevant players in its target market, such as banks, insurance companies, utilities, consumer credit companies, etc. The recent expansion of the range of services has also made it possible to expand the target sectors as well as the number of clients.

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(Featured image by qimono via Pixabay)

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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.

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