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MOBILE & TELECOMMUNICATIONS | Mobile Software & Services / Point of Sale

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Founded Year



Series B | Alive

Total Raised


Last Raised

$16M | 3 yrs ago

About Yoco

Yoco is an African Fintech company building a financial platform for South African small businesses. Yoco offers small businesses the tools to accept digital payments in a unified way - both and the point of sale and online - run their business better through intelligent software and grow through cash advances.

Yoco Headquarter Location

56 Shortmarket Street 7th Floor

Cape Town, 8000,

South Africa

+27 087 550 9626

Latest Yoco News

Why South African Merchants Need More of Paystack, Yoco and Other Payments Service Providers

May 6, 2021

Shola Akinlade, CEO Paystack “We’re excited to continue building the financial infrastructure that empowers ambitious businesses in Africa, helps them scale and connects them to global markets,” he added. Shola Akinlade and Ezra Olubi, Paystack Co-founders Prior to its official launch, Paystack had been working closely with several South African developers and SMEs in the past couple of months to better understand the peculiar needs of its new market. Indeed, South African businesses clearly need more payments service providers (PSPs) like Paystack, Yoco and Direct Pay Online (DPO). Here’s why. Customers Prefer Online Payments When it comes to fintech adoption by individual end-users, South Africa posts impressive numbers. The country had up to 82% fintech adoption rate in 2019, according to the Ernst & Young Global FinTech Adoption Index. Consumers in South Africa are making more online payments, Credit: The Financial Express This goes to show that customers are willing and more likely to use fintech platforms for payments if SMEs offer them that option. A Mastercard study on consumer spending showed that 68% of South Africa’s consumers are now paying online. Hence, merchants recognise that as consumer behaviour continues to shift towards cashless payments, PSPs like Paystack and Yoco provide a means to offer this service. As of January 2021, active internet users in South Africa reached 38.13 million. This means that 64% of the population are well able to leverage fintech innovation. Not Enough PSPs to Go Round Despite consumers readily embracing online payments, SME fintech adoption in South Africa is remarkably low, estimated at just 16% in 2019. Yoco serves up to 130,000 merchants in South Africa Besides, data from a Deloitte study show that online payments make up less than 50% of all transactions in the country, as most businesses are still heavily reliant on cash transactions. Yoco already serves 130,000 small businesses in South Africa with its payments solution. Similarly, DPO works with over 100,000 merchants in the country. But, with about 3 million SMEs in South Africa, it is evident that a vast majority of these businesses are grossly unserved. Therefore, Paystack could cater to the needs of several other merchants to help digitise their payments process. The more PSPs, the more SME adopters. There are about 3 million SMEs in South Africa Moreover, Paystack, Yoco and other PSPs in South Africa can successfully co-exist. For instance, although Paystack’s model is similar to Yoco’s, it has a greater focus on online payments for merchants. Yoco, on the other hand, provides additional point-of-sale (POS) services which Paystack might consider offering in the future. But Paystack also gives merchants the option of a bank transfer for collecting payments, which Yoco does not offer. What this achieves is that merchants get to choose whichever solution is best suited to their payment needs. In summary Paystack’s launch in South Africa has already raised talks of the startup competing with existing top PSPs like Yoco and DPO. While this is bound to happen, Paystack’s entry is a welcome development for merchants in the South African payments ecosystem. The market is not saturated and is big enough to accommodate more players. Invariably, it is South Africa’s merchants that will be the biggest winners. If you’d like to get featured on our Entrepreneur Spotlight, click  here  to share your startup story with us. SUBSCRIBE Get latest Technology news, reviews, business-related content with a deliberate emphasis on the African narrative and insightful analysis in Nigeria – straight to your inbox.

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Expert Collections containing Yoco

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Yoco is included in 6 Expert Collections, including In-Store Retail Tech.


In-Store Retail Tech

1,330 items

Startups aiming to work with retailers to improve brick-and-mortar retail operations.


Fintech 250

248 items


SMB Fintech

995 items



1,483 items

Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.


2018 Fintech 250

250 items

250 of the most promising private companies applying a mix of software and technology to transform the financial services industry.


Africa Fintech

223 items

Yoco Web Traffic

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Page Views per Million (PVPM)
Reach per Million (RPM)
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