South African payments startup Yoco to expand across Africa

by MMC
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South African payments startup Yoco is set to launch into test markets in East and West Africa by the end of next year thanks to strong domestic growth and funding round Series A.

Image credit: Yoco

Image credit: Yoco

Launched in 2015, Yoco enables SMEs to accept card payments and provides card readers and free point-of-sale and business intelligence tools to more than 10,000 South African small businesses, a milestone reached this month -this.

The startup concluded a series-A funding round in Marchwith CEO Katlego Maphai saying Disrupt Africa growth was now the order of the day.

The startup operates across South Africa, primarily focusing on Cape Town and Johannesburg, but now has ambitions to expand continent-wide.

“The groundwork for international expansion is underway, with ambitions to test the East and West African markets by the end of next year,” Maphai said.

Yoco – which sells card readers to its merchants and charges a percentage on processed transactions – is also aiming for profitability in the coming months.

“We are on track to be able to be cash flow positive by 2018, we will likely choose to reinvest that into growth to solidify our position,” Maphai said.

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