South African point-of-sale payments provider raised $16m in Series B funding led by Partech.
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Yoco Secures Series B Raise of $16M, Led by Partech
Yoco will leverage its Series B to grow its network of small business merchants, invest in product development, operational scalability and attracting top-tier fintech talent. It brings the company’s total investment to US$23M. Yoco builds tools and services to help small businesses accept card payments and manage their day to day activities. Since launching its first product in late 2015, a card reader that connects with a merchant’s smartphone or tablet, the company has grown its base to over 27,000 South African small businesses, 75% of which had never accepted cards previously. The company is adding more than 1,500 new merchants every month, making it South Africa’s largest and fastest growing independent card payments provider by number of merchants, more than tripling in size since raising its Series A in early 2017.
