South African Fintech startup, Yoco has raised an undisclosed amount of funds from foreign based investors – US-based Quona Capital and Netherlands-based Velocity Capital – in a Series A funding round to aid its expansion across Africa and launching of new tools.
Launched in 2015, Yoco is on a mission to empower the growth of entrepreneurial business in South Africa.
Its integrated card payment and point-of-sale system enables small businesses and entrepreneurs to securely accept card payments wherever they are. Adoption by business owners has been high due to its pay-per-use pricing model with no monthly fees.
“In addition to being a milestone and validation for Yoco, this round is a vote of confidence in South Africa’s growing fintech and startup ecosystem,” said Yoco CEO and co-founder Katlego Maphai.
“Raising smart capital from seasoned fintech investors will enable us to continue our self-directed journey to grow the SME payments markets through world-class execution, delivered with radical simplicity,” Maphai continued.
Yoco has undergone previous rounds of funding in the form of seed capital and seed investments. This includes the likes of CRE Venture Capital, angel investor Robby Hilkowitz as well as Greg Kidd.