South African payments startup Yoco raises $83m Series C funding to accelerate growth

South African payments startup Yoco raises $83m Series C funding to accelerate growth

Published: 28-07-2021 14:29:00 | By: Pie Kamau | hits: 3924 | Tags:
Financial Services
Fintech
July 2021
Payments
South Africa
Tech
Venture Capital & Private Equity

South African payments startup Yoco has raised a Series C funding round of $83 million (R1.23 billion) to accelerate product development and reach more merchants in South Africa and beyond.

Yoco is the preferred digital payments solution for over 150 000 small and micro merchants across South Africa, processing a billion dollars on the platform. Millions of small businesses across Africa and the Middle East still transact in cash and do not benefit from inclusion in the formal economy and Yoco is motivated to unlock it.

The pandemic has accelerated the consumer shift towards digital and  Yoco's mission is to support merchants through that transition, to ensure that they continue trading and growing. The startup has set a goal to reach 1 million merchants within the next four years. The new capital injection translates into an acceleration of access for small businesses in the region and beyond, bringing Yoco's vision of open commerce forward.

Katlego Maphai, Co-founder and CEO Yoco: ''Working so closely with small businesses during a global pandemic, and in particular through a challenging socio-economic environment in South Africa, we have a firsthand account of how agile these small businesses need to be in a rapidly changing world. Removing barriers and levelling the playing field by creating access to financial tools is a big part of answering these challenges. Yoco is at the forefront of solving what is critical for small businesses and enabling them to thrive.''

www.yoco.com