South African fintech start-up Yoco raises funds for expansion
Mobile payments start-up Yoco received an undisclosed amount of funding from US-based Quona Capital and Netherlands-based Velocity Capital in its series A funding round. The company will use the funding to broaden its product portfolio, expand across South Africa and enter global markets. The round signalled "a vote of confidence in South Africa's growing fintech and start-up ecosystem," according to Katlego Maphai, Yoco's CEO. The firm is best known for its point-of-sale system which enables small business and entrepreneurs to accept card payments without monthly fees.

South African fintech startup Yoco, which allows small business to accept card payments, has raised an undisclosed amount of funding to help it expand nationally and internationally.

Launched in 2015, Yoco offers small businesses and entrepreneurs an integrated card payment and point-of-sale (PoS) system that allows them to securely accept card payments, with no monthly fees.

The company has now announced it has concluded a Series-A funding round from the United States (US)-based Quona Capital and Velocity Capital from the Netherlands.

Yoco will use this latest funding round to expand further across South Africa and into other markets, while it will also add new products to its bouquet.

“In addition to being a milestone and validation for Yoco, this round is a vote of confidence in South Africa’s growing fintech and startup ecosystem,” said Yoco chief executive officer (CEO) Katlego Maphai.

“Raising smart capital from seasoned fintech investors will enable us to continue our self-directed journey to grow the SME payments markets through world-class execution, delivered with radical simplicity.”