Based in South Africa, the start-up Yoco, whose core business is payment terminals and cash register software, has just raised €16 million, following a round of financing led by the Partech Africa fund.
South African start-up Yoco, which specializes in payment terminals and cash register software, raised $16 million, announces a communication made public on September 6. The roundtable was led by the venture capital company Partech and its fund Partech Africa, launched in January 2018.
With 57 million euros, this is the second investment on the African continent of this structure Tidjane Deme, former director of Google in French-speaking Africa, and Cyril Collon, former vice president of sales for Europe and Africa of Verscom Solution. Other investors include Orange Digital Ventures, FMO (the Dutch development bank), and Accion Frontier Inclusion Fund.
The South African start-up will use this amount to expand its sales network, invest in its development, increase its capacity and recruit “talent”, the press release notes. It specializes in developing tools and services to help SMEs “accept card payments and manage day-to-day activities”.
Since its early days, the payment terminal provider has attracted 27 customers to South Africa, 75% of whom previously did not accept the card, thanks in part to a card reader that can be connected to smartphones and tablets. “The company wins more than 1,500 new customers every month, making it the fastest growing independent card payment provider in Africa,” says Yoco. The strategy of the start-up is to enter into partnerships with companies at an early stage and to support them in their growth.