Yoyo, a London, UK-based developer of a smartphone application unifying customer loyalty programs and payment, raised £780k (approximately $1.2m) in funding.
Backers included Imperial Innovations Group plc (AIM: IVO), which invested £250k in the round.
Founded in 2013 by Alain Falys, Chief Executive Officer, Dave Nicholson, Chief Product Officer, and Michael Rolph, Chief Creative and Commercial Officer, Yoyo has developed a technology platform which can be used by consumers as part of a common loyalty programme with their chosen retailers. It also accepts and processes payments through a mobile app without the need to carry multiple loyalty cards.
The system, which comprises an app that is downloaded by the consumer, and a mobile payments processing mechanism with a consumer analytics back end, settles accounts directly using bank transfer.
Yoyo will launch in autumn 2013 at Imperial College London and the initial target market is high volume, low value transaction retailers, specifically in the food and drink retail sector.