Yoco a software and payments platform based in South Africa has closed US$83 million in Series C funding. The startup will used the raised fund to grow their platform and expand its services to more international spaces.
Some existing Yoco investors such as Orange Ventures, Velocity Capital Fintech Ventures, Quona Capital and Partech took part. Other companies which took part in this Series C funding include; Dragoneer Investment Group, Breyer Capital, 4DX Ventures, HOF Capital, TO Ventures and The Raba Partnership.
Yoco payments platform creates tools and services for SMEs to accept card payments for both their physical and online stores, access loans and manage their daily activities. Yoco is South Africa’s most preferred payments platform and have more than 150,000 SMEs in the country onboard. In the 6 years the software has been running, they have processed over US$1 billion in card payments annually.
With this new investment, the startup plans to expand its solutions to SMEs beyond South Africa. Presently the startup is running a pilot test in Mauritius and intends to add another African country by the turn of 2022 as part of its expansion.
Katlego Maphai, Chief Executive Officer at Yoco commented on the investment as follows:
“We are excited to partner with such world-class investors who have joined our quest to break barriers and create access to financial services for millions of small businesses across the continent. Looking ahead, this investment will unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond.”
