News

South African payments startup Yoco raises USD 16 mln

Friday 7 September 2018 13:58 CET | News

South Africa-based fintech startup Yoco has raised USD 16 million from international and local investors in a private funding round to scale its business.

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.


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: South Africa, payments , startup, Yoco, card, fintech
Categories:
Companies:
Countries: World