Financial technology (fintech) companies also backed the round including TransferWise co-founder Taavet Hinrikus, Money 20/20 founders Jonathan Weiner and Anil Aggarwal, Phillip Riese; former President of American Express Consumer Cards, and former TelecCity Group CEO Michael Tobin OBE.
Launched in January 2014 by Zopa co-founder Dave Nicholson, OB10 CEO Alain Falys and ex-PayPal Michael Rolph, Yoyo is a mobile wallet app which enables retailers to target customers with automated loyalty programmes, offers and marketing and lets consumers make integrated payments directly from their mobiles.
Since launch, Yoyo has handled over 150,000 transactions, achieved 25% month-on-month growth, and is already live at 15 UK universities.
The investment will be used to target America’s 21 million college students. The investment will also go towards the development of its new grey label programme “Powered by Yoyo” as well as expansion of its current team of 25 staff.
As part of the deal, American Express’ Riese has joined the company’s board.
In December of last year, Yoyo made a mobile payments deal with Malaysian budget airline AirAsia.
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