Yoco builds tools and services to help small businesses accept card payments in-store and online, access loans, and manage their day to day activities. The startup has become a payments partner for over 150,000 small businesses across South Africa, processing more than USD 1 billion in card payments per year, according to the press release.
The company, which secured USD 83 million in Series C funding in July 2021, has just acquired Nona Digital. Nona was created with a vision to deliver software products and teams to benefit the industry as a whole. With the existing relationships, institutional knowledge, and shared values the two organisations have cultivated to date means that the acquired company can accelerate the Yoco roadmap.
Yoco plans to be the primary financial platform for the self-employed in Africa and the Middle East, with plans to serve one million entrepreneurs by 2024 through its payments software and capital products. The company claims this type of acquisition is especially effective in today’s context of demand for talent. This is the third acquisition of a software development agency by Yoco since 2019, having acquired Cobi Interactive in 2019 and Dado in 2021. This latest addition takes Yoco’s team size up to 500 people, half of which are product and technology-focused.
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