Woodford and the parent company of Makro have contributed to Yoyo Wallet's £12m funding round
Mobile payment app Yoyo Wallet has closed a £12m Series B funding round as it looks to ramp up its presence on the UK high street and scale into Europe.
Investment in the London-based tech firm was led by Metro Group Wholesale & Food Specialist Company, the parent company of wholesaler Makro, alongside Touchstone Innovations and Woodford Investment Management.
Founded in 2013, Yoyo is one of a number of apps currently vying for market penetration that allows users to make payments using their mobile phone, competing with the likes of Android Pay and Apple’s own payments service.
The app originally launched across 32 food and drinks outlets at Imperial College London. It is now accepted in over 1,700 retailers, and also powers the tech behind Cafe Nero’s loyalty app.
Yoyo will now look to target more high-street retailers and independents as it looks to cement its presence in the UK, while Metro Group’s interest will support a sustained push into the European market.
Hansjörg Sage, general Manager at Metro Group’s Digital Unit, commented: “We intend to work with Yoyo, leveraging its considerable success in the UK, to help tailor and market its offering to the continental European market and in particular, the long-tail of independent entrepreneurs.”
Jon Edington, Director of Technology Ventures at Touchstone Innovations, claims that the funding will also be channelled into the firm’s technology offering with Yoyo building out its AI functionalities.
He said; “Following the success of their recent Caffè Nero collaboration, this latest funding round will help the team to build more partnerships with UK high-street retailers and further develop their AI marketing functionalities. It will also help the Company to realise its ambitious plans for international expansion across Europe.”
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