South African Tech Startup Yoco raises R1.2 Billion Series C Funding
Yoco, South African fintech startup has raised US$83 million in Series C funding to accelerate the development of its platform and expand internationally.
Yoco is an African technology company that create opportunities for entrepreneurs to get paid and be more successful.
Yoco is establishing new markets; building business tools and financial services that work for entrepreneurs, making payments accessible for small businesses.
Yoco has raised over $100M from some of the world’s leading technology investors, who have backed companies like Nubank, Square and Stone.
In 2018 South Africa’s Yoco raises $16 million Series B funding to boost digital services to small businesses.
The company’s Series C investment is the largest of its kind in South Africa and one of the largest for any African fintech.
New investors include Dragoneer Investment Group, which is making its Africa investment debut, Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, Futuregrowth and several current and former executives from global technology companies such as Coinbase, Revolut, Spotify and Gojek.
Yoco CEO Katlego Maphai said in a statement that the investment round will “unlock capacity for us to accelerate product development for our merchants and continue on our growth trajectory in South Africa and beyond”.
Since launching in 2013, Yoco has positioned itself as the go-to platform to access offline payments among merchants in the country.