Yoyo raises USD 5 mln in funding

Monday 26 May 2014 07:59 CET | News

UK mobile payment service provider Yoyo has raised USD 5 million in seed funding via Imperial Innovations, new venture platform FireStarter well as existing backer Telefonica Group.

Yoyo’s platform enables buying of goods via smartphone. Yoyo is a mobile payment and loyalty app, which people can use to pay for food and drinks in outlets across campus without the requirement of cards or cash. Customers are enabled to top-up and pay by scanning the barcode on the app at the till point.

This latest round brings their total funding to USD 6.2 million.

This latest round of funding will be used to support Yoyo’s expansion over the next 12 months, first in the UK, and then the US and European markets.

In September 2013, Yoyo raised USD 1.2 million for developing the mobile payment technology and loyalty platform.

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Keywords: Yoyo, funding, mobile payments, mobile app
Categories: Payments & Commerce
Countries: World
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