Orange Group’s venture capital investment fund for Africa said it has made a second investment in South Africa’s Yoco.
Yoco is a mobile points of sale (mPOS) in South Africa, allowing merchants to accept card payments using a smartphone or tablet as well as manage their day-to-day activities using POS software. Since their launch in 2015, 27,000 Small and Medium-Sized Enterprises (3/4 of which had never accepted card payments before) have chosen Yoco.
Orange said in a statement that after the Series B funding round led by Partech, an internationally-renowned investment fund, and with the participation of FMO, Quona Capital and Velocity Capital, the total investment raised by Yoco to date amounts to $23 million, which makes it a textbook example for Sub-Saharan Africa.
Yoco must capitalise on this investment to consolidate its position and expand its merchant network in South Africa, improve its product and conquer new markets, notably in East Africa.
This investment confirms Orange Digital Ventures Africa’s ambition to support the start-up ecosystem and drive innovation forward in Africa. The CEO of Orange Digital Ventures, Marc Rennard, stated: “Payment digitalisation for merchants is a major challenge in Africa where financial inclusion is developing more than ever thanks to innovative solutions. Orange is already a leader in financial services in Africa with Orange Money, and it is on the lookout for solutions that can lead to genuine revolutions in use, both amongst customers and merchants. This is the case with Yoco.”