Yoco, a South African mobile payment startup has raised an undisclosed amount from Quona Capital headquartered in the United States and Velocity Capital from the Netherlands to expand its operation within and outside the country.
The Startup which offers small businesses the opportunity to accept card payments said it was a Series-A funding. Series A according to Investopedia raises approximately 2 million to 15 million, but this number has increased on average due to high recent tech industry valuations, or “unicorns”.
The Chief Executive Officer (CEO) Katlego Maphai of Yoco said: “In addition to being a milestone and validation for Yoco, this round is a vote of confidence in South Africa’s growing fintech and startup ecosystem.
“Raising smart capital from seasoned fintech investors will enable us to continue our self-directed journey to grow the SME payments markets through world-class execution, delivered with radical simplicity.”
Yoco was launched in 2015.
