Yoyo Wallet, a London, UK-based mobile payment and customer engagement platform, raised £12m in Series B funding.
The round, subject to FCA approval, was led by Horeca, the venture arm of Metro Group, with participation from Woodford Investment Management and Touchstone Innovations.
Following the success of Caffè Nero’s launch of a Yoyo-powered mobile app across 640 stores in the UK and Ireland, this latest round will allw the company to expand partnerships with UK high-street retailers, further expand the consumer and retail capabilities of its platform, and power its international expansion, with Europe as an initial target.
Launched in 2013 by Alain Falys, Co-Founder and CEO, Yoyo Wallet helps retailers drive business growth via mobile-first customer engagement. Through the Yoyo app or via retailer-specific branded apps built and powered by Yoyo, the company enables retailers to know, influence and simplify their customer’s purchasing behaviours whilst providing an engaging customer experience. The platform provides a combination of mobile ordering, payments, and personalized loyalty programs, all backed by an analytics and campaign platform for retailers.
Yoyo had previously raised Seed and Series A rounds totalling £8.7m powering growth in the UK Education, Corporate and High Street sectors, generating more than 400,000 registered users, and an acceptance network in excess of 1,700 outlets including Caffè Nero and Planet Organic.