Yoco was launched in South Africa back in 2015. The startup enables SMEs to accept card payments while providing card readers. The company also provides over 10,000 South African small businesses access to free to use point-of-sales and business intelligence tools.
The startup finished a Series A funding round from US-based Quona Capital and Netherlands-based Velocity Capital back in March of this year. The company sells card readers to other merchants while charging a percentage fee of the processed transaction.
The CEO of Yoco, Katlego Maphai, mentioned earlier in an interview with Disrupt Africa that their “customer centric” approach was what kept the company “relevant and focused” from its early stages to its current successful state.
Yoco has achieved their early goals of providing easier and faster access through their card readers. One of the major problems was that traditional card machines too much time to work with.
It’s very simple to create an account on Yoco as it only takes around 10 minutes. The company was founded with the idea that all business should be supplied with the ability to accept card payments.
Yoco has a raised a total of $7 million USD in funding form local and international investors both. The company has grown substantially with their platform benefiting entrepreneurs and small businesses with its services.
Their funding and growth proves that investors are backing them and believe in their vision and that benefits that their platform supplies.
The company is on the right track to make good profits instead of having negative cash flows by 2018.