Today, we take a big step towards realising our vision of Open Commerce.
We are proud to announce that Yoco has raised a Series C funding round of $83M (R1.23 billion) to accelerate product development and reach more merchants in South Africa and beyond.
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. They are joining the movement to deliver financial tools for millions of small businesses across the continent.
Becoming world-class
Yoco didn’t start with an idea. Instead, it began with the meeting of minds. A diverse group of humans from different walks of life, coming together on the same wavelength. We unified around a common purpose to remove barriers, level the playing field and enable people to thrive.
Today, we are the preferred digital payments solution for over 150 000 small and micro merchants across South Africa, processing a billion dollars on the platform. We are still very much at the beginning of our journey. In many ways, the global pandemic has deepened our resolve to be an enabling force for our customers inside a challenging socio-economic environment.
Towards one million merchants
Even with the early strides, millions of small businesses across Africa and the Middle East still transact in cash and do not benefit from inclusion in the formal economy. Our work has just begun, and we are as motivated as ever to unlock it.
The pandemic has accelerated the consumer shift towards digital. Our mission is to support merchants through that transition, to ensure that they continue trading and growing. Therefore, we have set ourselves a goal to reach 1 million merchants within the next four years.
This new capital injection translates into an acceleration of access for small businesses in our region and beyond, bringing our vision of open commerce forward.
I want to thank our merchants, our team, partners, investors and the entire Yoco community.
Now, the real work begins. And I couldn’t be more excited! We need great people to help manifest the vision. If the Yoco movement speaks to you, apply here.
Working so closely with small businesses during a global pandemic, and in particular through a challenging socio-economic environment in South Africa, we have a firsthand account of how agile these small businesses need to be in a rapidly changing world. Removing barriers and levelling the playing field by creating access to financial tools is a big part of answering these challenges. Yoco is at the forefront of solving what is critical for small businesses and enabling them to thrive.
