Yoco offers a card reader and app that allow users to turn smartphones into payment terminals and targets small businesses that do not accept cards.
Currently, only 7% of South African small businesses accept card payments despite a card penetration rate of 75% percent, according to Reuters. The company has a base of more than 27,000 small businesses, 75% of which had never accepted cards previously.
Investors in the funding round included venture capital companies Partech, Orange Digital Ventures, the Dutch Development Bank and South Africa’s FutureGrowth.
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