South African fintech, Yoco, secures $83m Series C to strengthen market presence

by | Jul 27, 2021

Joining the rank of one of the most valuable startups on the continent, South Africa-based fintech startup, Yoco, has announced an $83 million Series C today. 

The round was led by Dragoneer Investments Group, a US-based investment company. Former investor, Partech, also returned to partake in this round. Other investors include Breyer Capital, 4DX Ventures, Orange Ventures, Velocity Capital Fintech Ventures, and Quona Capital.

This Series C is after a $3 million Series A in 2017 and a $16 million Series B raised in 2018, bringing the company’s summate value to $102 million. Making it the largest funded South African startup, and one of the most valuable startups in Africa.

Founded in 2013 by Bradley Wattrus, Carl Wazen, Katlego Maphai, and Lungisa Matshoba, Yoco initially kicked off operations as an offline payment service startup providing their portable card machines for SMEs in South Africa to process Point-of-Sale payments.


After about seven years of providing offline payment offerings, the company rolled out an online payment platform in March of 2020, a few days into the COVID-19 lockdown order in South Africa. Following the lifting of the lockdown, both offline and online offerings went into full gear. 

With this funding in place, the startup is looking to scale offline and online offerings for their payment services, expand to new markets, and hire more team members. 

Yoco wants to strengthen its presence by hiring 200 members to the team to work remotely and in their physical offices currently available in South Africa and Amsterdam. 

Per TechCrunch, new hires in the company include Juan Fuentes, the former Managing Director of Brazil-based fintech unicorn, Pagseguro, who is currently the Manager; and Lindsey Jayne, a former VP of products management at England-based online bank, Monzo.

Small and Medium Enterprises (SMEs) in South Africa contribute one-third of the GDP. Currently, the startup serves about 150,000 small businesses, claims to have a daily addition of over 500 merchants, and has carried out over $2 billion worth of transactions in card payments.

Plans for the future include foraying into other parts of Africa and the Middle East, and reaching at least a million people in the course of the next four years with more digitised payment options.

Fintech startups in Africa are still leading the pack of startup fundings in Africa, with reports showing that in 2020, the continent raised at least $1.3 billion in fundings deployed to fintech. This is a no brainer given Africa’s unbanked population, the speed and convenience of online and card-based payment transactions.

Joy Matthew
Joy Matthew

Out here, trying so hard to maintain my faculty of wonder in a fast-changing world. Language, books, and aspiring tech enthusiast. Keep in touch


On January 22, 2022, be part of the largest gathering of innovators, startup founders, thinkers, programmers, policymakers, and investors in West Africa. Register free.

Notify of
Inline Feedbacks
View all comments

Recent News

Subscribe to Techpoint Digest!

A daily 5-minute roundup of happenings in African and global tech, sent directly to your email inbox, between 5 a.m. and 7 a.m (WAT) every week day!

Please check your email to confirm your subscription.

Subscribe to Crypto Explorer

A monthly series featuring in-depth analysis on the cryptocurrency sector in Africa

Please check your email to confirm your subscription.

Subscribe to The Experts

A bi-weekly where tech career specialists take us on their journey from newbie to expert, and how they became successful in the industry.

Please check your email to confirm your subscription.

Subscribe to Founder's Table

A monthly series, where we catch up with founders in the startup ecosystem, learn about their failures, successes and a few tricks of the trade

Please check your email to confirm your subscription.

Copy link
Powered by Social Snap