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South Africa’s Yoco close to raising over $50m for international expansion

By David Whitehouse
Posted on Tuesday, 25 May 2021 08:38

Yoco aims to get South African small businesses accepting digital payments. Photo supplied.

Yoco, South Africa’s largest provider of payment solutions to small businesses, is near completing a funding round of more than $50m to fund expansion, Chief Business Officer Carl Wazen tells The Africa Report.

The equity funding will help the company towards its target of doubling both revenue and the number of merchants served this year, Wazen says from Dubai.

Yoco, which started in 2015, now has 120,000 small businesses using its card machines and online payment products. The businesses can use the data generated by their transactions to access loans from Yoco, with repayments based on their turnover. Co-founder Wazen says that sales of payment products are going well and aims to have 1m merchants in the next few years.