SA's Yoco raises R1.2b in new funding: 'A vote of confidence in small business'
South African payments platform Yoco has raised R1.23 billion ($83 million) in a Series C funding round.
This means that the eight-year-old fintech company has attracted more than $100 million in capital to date.
The new funding will accelerate product development and reach small businesses in South Africa and beyond, the company says.
"It is the largest single investment ever raised by a South African payments company and one of the largest on the continent."
"We welcome some of the world’s leading investors to Yoco and Africa for the first time."
Today, we take a big step towards realising our vision of Open Commerce.— Yoco (@Yoco_ZA) July 27, 2021
We are proud to announce that we have raised R1.2 billion in funding to grow the future of small business in Africa. It's time to grow 🚀https://t.co/TNK8QwjRsF
Bruce Whitfield interviews Yoco CEO Katlego Maphai.
The Yoco co-founder says it's a big vote of confidence in small businesses, especially in light of the recent unrest in South Africa.
We've been building this company since 2013... through a challenging period, but the reason we continue to grow is the focus.Katlego Maphai, CEO - Yoco
We are creating a marketplace of business owners, a segment of the market that's been left behind and ignored... It's been told to us that they're too risky, too small...Katlego Maphai, CEO - Yoco
What this investment has proven is that it is very real, it's growing, it just needs support and it can help to take the country forward.Katlego Maphai, CEO - Yoco
Yoco has become pretty skilled at the process of raising capital says Maphai, particularly at attracting "high-quality" global funds.
The funders that came into the round now are doing their first investments in Africa which is amazing!Katlego Maphai, CEO - Yoco
We're looking to hire an additional 200 people over the next year alone... At least half of those are technical...Katlego Maphai, CEO - Yoco
Within the next four years we want to get to a million merchants and this extends beyond South Africa...Katlego Maphai, CEO - Yoco
Listen to Maphai discuss Yoco's expansion plans in the audio clip below: