Yoco Seeks To Bring Change In The FinTech Industry with card payments. Carrying cash to pay for goods provides a risk of the money being lost or being stolen. Using card payments has been the go to trend by companies in efforts of solving such problems. This also saves the customer from the hassle of carrying lots of cash when making a purchase. This is especially essential for small businesses as they will be dealing with large payments.
Yoco is an end to end payment platform that supports over 100 000 small businesses in South Africa. They make it simple to accept card payment in person and online with no contracts, no monthly fees and no payout costs.
Katlego Maphai founded fintech Yoco in 2015 with Lungisa Matshoba, Bradley Wattrus and Carl Wazen. However the four worked on the idea since 2012 where they wanted to find out how to make it easier for small businesses to accept manual credit card payments. This company is a disruptor in the FinTech industry in that it has managed to change the way most small businesses operate as they now use accept card payments.
“Yoco is a market maker, growing the size of the card payment acceptance market. Seventy percent of the merchants it currently services had never accepted card payments before Yoco made it possible for them to do so.”” said Velocity Capital Director Allard Luchsinger in statement.
They managed to conclude a Series-A funding round of an undisclosed amount by foreign investors namely US based Quona Capital and Netherlands based Velocity Capital. This investment is meant to help Yoco expand its reach nationally as well as increase its product offering and to lay the groundwork for its international expansion. The company also managed to secure an investment of $16 million (over R245 million) in a Series-B funding led by Silicon Valley based Venture Capital firm Partech.
