Yoco, a Johannesburg, South Africa-based Point of Sale payments provider, raised US$16M in Series B funding.
The round, which brought total investment to US$23m, was led by Partech, with participation from Orange Digital Ventures, FMO (The Dutch Development Bank) and existing investors Accion Frontier Inclusion Fund, managed by Quona Capital, and Velocity Capital. In conjunction with the funding, Cyril Collon, General Partner at Partech and Co-lead of the Partech Africa Fund, will join Yoco’s Board.
The company intends to use the funds to grow its network of small business merchants, invest in product development, operational scalability and hire fintech talent.
Founded by Katlego Maphai (CEO), Carl Wazen (Chief Business Officer), Bradley Wattrus (CFO) and Lungisa Matshoba (CTO), Yoco builds tools and services to allow small businesses to accept card payments and manage their day to day activities. Since launching its first product in late 2015, a card reader that connects with a merchant’s smartphone or tablet, the company has grown its base to over 27,000 South African small businesses.
Yoco has been adding services to its payments solution, which now includes point of sale software, business intelligence, accounting integrations, and working capital financing.