A Melbourne fintech startup has scored $1 million in seed funding from Westpac-backed venture capital firm Reinventure Group.
Doshii is a software platform for the hospitality industry connecting mobile apps and payment hardware to traditional point-of-sale (POS) terminals. Reinventure managing director Simon Cant had been appointed to the company’s board.
The startup’s general manager David Engel said the business saw opportunity in the sheer range of disparate systems that exist in a typical retail environment.
“It simply isn’t viable for the enormous number of apps in market to integrate with hundreds of POS companies on the other side. Doshii solves this problem,” he said.
Doshii shares its revenue with the POS companies it’s connected to, including Impos, H&L, SwiftPOS and Starrtec. The company said it’s able to integrate into more than 4,800 venues with a potential annual transaction volume topping $8.5 billion.
On the other side, Doshii is connected to some big-name hospitality and retail apps, including ANZ BladePay, Mobi2Go, Nestle, SureFire, Tanda and Collect Loyalty.
The company was established by Sean O’Meara, chief executive of POS company Impos, who said Doshii saves time, cost and maintenance of integrating to each and every combination of apps and POS systems.
“This is expensive, complex and a big opportunity cost when a company’s IT team could be spending their time actually making their product better for customers. It’s a clear win for POS and Apps to have one API platform for integration.”
Reinventure was founded by Cant and Data Republic co-founder Danny Gilligan. The VC had Westpac pump a total of $100 million into it and has invested in companies such as SocietyOne, Coinbase, Nabo, Zetaris, PromisePay, Hey You, Auror, Data Republic, Flare and Valiant.
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