Global Payout Platform Dots Secures $8.9 Million in Series A Funding; Introduces New Self-Service and Anti-Fraud Features for Fast and Secure Payment Delivery
San Francisco-Based Company Has Delivered $1 Billion+ to More Than One Million Gig Workers, Creators and Contractors Worldwide
Dots, a leading global payouts platform for marketplaces and service-based businesses, has secured $8.9M in Series A funding led by DCM with participation from Y Combinator. Dots, which is profitable, has raised more than $14.6 million to date and processes over $150 million in payouts each month, representing 400% year over year revenue growth.
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“Everyone talks about the future of payments, but most of that innovation has focused on companies receiving payment, not paying others,” said Sahil Hasan, co-founder and CEO of Dots. “The payout layer is broken, with companies and marketplaces having to reinvent the wheel to handle compliance, onboarding and cross-border disbursements. As a result, payments are slow. Dots solves this problem by unifying bank transfers, PayPal, Venmo, Cash App, and stablecoins under a single API, ensuring payees receive funds quickly, regardless of where they are based or their preferred payment type. This translates into greater loyalty among contractors and creators.”
Dots’ new financing will be used to continue to expand its product offering, ultimately offering financial features such as credit card processing, accounts payable and accounts receivable among others. Dots will also use the new funds for international expansion and to secure additional engineering talent.
In addition to its Series A, Dots is announcing two new enhancements to its platform:
- Self-Service Model – The Dots platform is now entirely self-serve, meaning new customers can easily integrate Dots into their existing systems and customize payouts without outside help. Businesses can be onboarded and sending payments within hours, regardless of the number of payees or preferred payment methods.
- Dots Control Anti-Fraud Feature – Dots Control helps prevent payments fraud, enabling companies to identify and stop suspicious payouts, as well as create custom rules to automate fraud detection and prevention (e.g., flagging a payee who claims to be U.S.-based, but logs in through an international VPN).
“Beyond the large and growing total addressable market – the global payouts market is projected to triple by 2033 and the gig economy payments market is already in excess of $582 billion – what makes Dots compelling is its focus on both the developer and payee experience,” said Ibrahim AlSuwaidi, Partner, DCM. “When workers and creators actually want to get paid through your platform, the result is an engine that helps to not only address compliance and payments, but also retain the best talent.”
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The post Global Payout Platform Dots Secures $8.9 Million in Series A Funding; Introduces New Self-Service and Anti-Fraud Features for Fast and Secure Payment Delivery appeared first on GlobalFinTechSeries.
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