South African payments startup Yoco raises USD 83 mln Series C

Tuesday 27 July 2021 15:05 CET | News

South Africa-based fintech Yoco has announced receiving USD 83 million in Series C funding to scale offline and online offerings and expand to new markets.

When TechCrunch covered the company three years ago after its USD 16 million Series B raise, the company had little over 30,000 merchants using its platform. 

Earlier in 2021, Yoco was looking to expand its services into other aspects of digital payments. Representatives listed mobile money, QR payments and electronic funds transfer (ETF) as offerings in its pipeline. According to the company, the number of small businesses that were fully cashless jumped 300% from March to July 2020. Yoco currently serves 150,000 of these businesses and adds over 500 merchants per day. The company claims to be processing more than USD 1 billion in card payments per year, and in its six years of existence, it has processed over USD 2 billion in card payments.

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Keywords: funding, online payments, mPOS, mobile payments
Categories: Payments & Commerce | Online Payments
Countries: South Africa
This article is part of category

Payments & Commerce