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Home Venture Capital

South African startup Yoco raises US$83M in Series C funding round

TechGist Africa by TechGist Africa
July 29, 2021
in Africa, Finance, Fintech, Mobile, South Africa, Startup, Venture Capital
Reading Time: 2 mins read
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Yoco, a payments and software startup based in South Africa, has raised US$83 million in Series C funding to help it grow its platform, expand into new regions, and extend its offline and online products.

Yoco has established itself as the go-to platform for offline payments among merchants in the country since its launch in 2013.

Yoco creates tools and services to assist small businesses with accepting credit card payments in-store and online, obtaining loans, and managing their day-to-day operations.

Yoco is a payment solution provider for over 150,000 businesses in South Africa, handling over $1 billion in card payments annually.

Dragoneer Investment Group, which has previously funded fintech titans like Chime, Nubank, Mercado Libre, Square, and Klarna, is one of the company’s new investors.

Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, and other current and former executives from global digital companies like Coinbase, Revolut, Spotify, and Gojek are also participating in the round.

Also read: South African fintech start-up Yoco growing to 120,000 merchants as e-commerce grows

Existing Yoco investors Partech, Velocity Capital Fintech Ventures, Orange Ventures, and Quona Capital also participated in the round.

Yoco’s CEO, Katlego Maphai, stated that the successful completion of this funding speaks volumes about the African small business sector’s growth potential.

“We are thrilled to be partnering with such world-class investors who have joined our mission to tear down barriers and provide financial services to millions of small companies across Africa,” he said. “In the long run, this investment will enable us to expedite product development for our merchants and maintain our growth trajectory in South Africa and beyond.”

Yoco plans to grow into the African and Middle Eastern markets, with the goal of reaching 1 million merchants in the next four years.

Related

Via: Tech Gist Africa
Tags: 4DX VenturesAfrican startupsBreyer CapitalChimeCoinbasedigital economydigital moneydigital paymentDragoneer Investment Groupfintechfunding roundGojekHOF CapitalKlarnaMercado LibreMobile MoneyNubankOrange VenturesPartechQuona CapitalRevolutSeries CSeries C funding roundSouth African startup Yoco raises US$83M in Series C funding roundSpotifySquareStartupThe Raba PartnershipTO VenturesVelocity Capital Fintech Venturesventure capitalYocoYoco Go
TechGist Africa

TechGist Africa

Tech Gist Africa is a leading online technology and digital media outlet, dedicated to providing latest tech news, product launch, startup news across.

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