South Africa-based payment technology developer Yoco has received $16m in series B funding from a consortium including Orange Digital Ventures, the corporate venturing unit for telecommunications firm Orange.
The round was led by venture capital firm Partech Ventures and included Dutch development bank FMO, Accion Frontier Inclusion Fund, which is managed by Quona Capital, and Velocity Capital.
Yoco has developed a point-of-sale payments system that connects to a tablet or smartphone to enable small businesses to accept card payments. The series B cash will be used for hiring, product development and the expansion of the company’s 75,000-strong customer base.
Yoco has now raised $23m in total, it said. Quona Capital and Velocity Capital co-led a series A round of undisclosed size for the company in March 2017 that followed funding from CRE Venture Capital and angel investors Robby Hilkowitz and Greg Kidd.
Cyril Collon, a general partner at Partech that is also co-lead of the Partech Africa Fund, will join Yoco’s board of directors in conjunction with the round.