Yoyo, a London, UK-based mobile wallet, raised $10m Series A funding.
The round was led by Imperial Innovations, with participation from Taavet Hinrikus, co-founder at Transferwise, Jonathan Weiner and Anil Aggarwal, Founders & Chairman at Money20/20, Phillip Riese, former President of American Express Consumer Cards, Michael Tobin OBE, former CEO of TeleCity Group and Firestartr.co, the London-based investment platform. In addition to the funding, Phillip Riese joined the Yoyo Board.
The company intends to use the capital to expand its engineering and product team, to scale the “Powered by Yoyo” initiative, consolidate its lead in the UK as well as to launch its first university partners in the US in the second half of this year.
Founded by Alain Falys, Michael Rolph and Dave Nicholson in 2013, Yoyo provides a mobile wallet that blends payment, loyalty and discovery. Availble on iOS and Android, the app is used in universities, corporate catering environments, and fast casual chains across the UK.
The company, which has started a grey label “Powered by Yoyo” program with select retailers in the UK and abroad, employs 25 people in the UK and has a growing presence in the US.
In 2014, it was part of Wayra, the Telefónica accelerator.