Yoco, a payments and software startup based in South Africa, has raised US$83 million in Series C funding to help it grow its platform, expand into new regions, and extend its offline and online products.
Yoco has established itself as the go-to platform for offline payments among merchants in the country since its launch in 2013.
Yoco creates tools and services to assist small businesses with accepting credit card payments in-store and online, obtaining loans, and managing their day-to-day operations.
Yoco is a payment solution provider for over 150,000 businesses in South Africa, handling over $1 billion in card payments annually.
Dragoneer Investment Group, which has previously funded fintech titans like Chime, Nubank, Mercado Libre, Square, and Klarna, is one of the company’s new investors.
Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, and other current and former executives from global digital companies like Coinbase, Revolut, Spotify, and Gojek are also participating in the round.
Existing Yoco investors Partech, Velocity Capital Fintech Ventures, Orange Ventures, and Quona Capital also participated in the round.
Yoco’s CEO, Katlego Maphai, stated that the successful completion of this funding speaks volumes about the African small business sector’s growth potential.
“We are thrilled to be partnering with such world-class investors who have joined our mission to tear down barriers and provide financial services to millions of small companies across Africa,” he said. “In the long run, this investment will enable us to expedite product development for our merchants and maintain our growth trajectory in South Africa and beyond.”
Yoco plans to grow into the African and Middle Eastern markets, with the goal of reaching 1 million merchants in the next four years.