Yoco a software and payments platform based in South Africa has closed US$83 million in Series C funding.
The closed fund will be deployed by the startup to drive the growth of its platform and expand its services on an international scale.
Taking part in the funding round include Dragoneer Investment Group, Breyer Capital, 4DX Ventures, HOF Capital, TO Ventures and The Raba Partnership.
Some existing Yoco investors such as Orange Ventures, Velocity Capital Fintech Ventures, Quona Capital and Partech also participated in the Series C funding round.
The payments platform creates tools and services for SMEs to accept card payments for both their physical and online stores, access loans and manage their daily activities.
Yoco in less than six years of operation has become South Africa’s most preferred payments platform after onboarding more than 150,000 SMEs in the country while processing over US$1 billion in card payments annually.
The new investment takes Yoco’s total funding to US$107 million as it had raised US$16 million Series B in 2018.
With this new investment, the startup plans to accelerate its solutions for SMEs and expand beyond South Africa.
Presently the startup is running a pilot test in Mauritius and intends to add another African country by the turn of 2022 as part of its expansion.
Commenting on the investment, Katlego Maphai, Chief Executive Officer at Yoco:
“We are excited to partner with such world-class investors who have joined our quest to break barriers and create access to financial services for millions of small businesses across the continent.
Looking ahead, this investment will unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond.”
According to the CEO, the new investment in addition to the startup’s deliberate focus on SME, Yoco is well-positioned for significant growth in the digital payments ecosystem.
Featured Image: Yoco Founders
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