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In what is arguably one of the biggest venture capital deals announced so far this year in South Africa, SA point of sale payments provider Yoco has raised a massive $16-million (over R245-million as of the rate today) in a Series B funding round led by Silicon Valley-based VC firm Partech.
Orange Digital Ventures, FMO (The Dutch Development Bank), Future Growth in addition to Yoco’s Series A investors Quona Capital and Velocity Capital also participated in the round. The investment brings the total funding raised by Yoco to R322-million.
Yoco CEO Katlego Maphai (pictured above, second from right) did not immediately return calls or emails. However, in an earlier statement today the startup said it would use the funding to grow its network of small business merchants, invest in product development, operational scalability and hire more fintech talent.
Yoco’s Series B round brings the total funding the Cape Town based startup has raised to R322-million
Maphai founded the startup in 2013 along with chief business officer Carl Wazen, CFO Bradley Wattrus, and CTO Lungisa Matshoba.
The deal will also see Partech general partner and co-lead of the Partech Africa Fund Cyril Collon join Yoco’s board.
Wazen (pictured above, second from right) said the size of the round and the calibre of investors involved prove there is investor confidence and appetite for new business models and untapped segments in the country. He added that the startup’s new backers have a strong African presence and will be great partners in the startup’s journey.
In the past year, the company has explored expansion into sub-Saharan markets, including running pilots in two markets.
While the startup did not reveal which markets these were or the details of the pilots, Maphai revealed to Ventureburn earlier this year that the startup was looking to enter Namibia.
Featured image: From left to right, Yoco founders Bradley Wattrus, Katlego Maphai, Carl Wazen and Lungisa Matshoba (Supplied)