South African payments and software startup Yoco has secured US$83 million in Series C funding to accelerate the development of its platform and expand internationally. Yoco builds tools and services to help small businesses accept card payments in-store and online, access loans, and manage their day to day activities. In less than six years, the startup has become the preferred payments partner for over 150,000 small businesses across South Africa, processing more than US$1 billion in card payments per year. The startup’s last funding round was a US$16 million Series B back in late-2018, and it has now secured its Series C, worth US$83 million. The investment, which takes the total funds raised to date by Yoco to US$107 million, will enable the startup to accelerate the development of its financial ecosystem for small businesses, and expand its market presence beyond South Africa. Yoco will expand into the wider African market, as well as the Middle East, and has set itself the goal of reaching one million merchants within the next four years. It is currently piloting its technologies in Mauritius with plans to add another country by the beginning of next year. Katlego Maphai, chief executive officer (CEO) of Yoco, said the successful conclusion of this fundraising speaks volumes about the growth potential of the African small business sector.
SOURCE: DISRUPT AFRICA