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Scan for outdated or missing drivers - takes under a minuteDriver Scan →Repair Windows errors before they cause bigger problemsFix Now →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Yoco announced an $83 million Series C round on 27 July 2021, with Dragoneer Investment Group among the new investors—not the sole backer. The South African payments company said it would use the funding to accelerate product development and support expansion beyond South Africa.
What Yoco announced
In a 27 July 2021 announcement from Johannesburg, Yoco reported raising $83 million (R1.2 billion) in Series C funding. The company said the round brought its announced lifetime funding to $107 million. These are figures reported at the time of the announcement, not current funding totals. Yoco’s announcement described the round as the largest single investment raised by a small-business-focused payments platform in the Middle East and Africa, and the largest ever raised by a payments company in South Africa. That comparison is Yoco’s claim; independent verification is not established here.
Who backed the round?
Dragoneer Investment Group was one of several new investors. Yoco called the investment Dragoneer’s Africa investment debut. Other new investors named in the announcement were Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures and TO Ventures, alongside current and former executives from Coinbase, Revolut, Spotify and Gojek.
Existing investors participating in the round were Partech, Velocity Capital Fintech Ventures, Orange Ventures and Quona Capital. The announcement did not disclose how much each investor contributed.
#1 Best Overall
- Use the, easy-to-use, and customizable POS to get started.
- Accept contactless payments, chip cards, Apple Pay, and Google Pay from anywhere, with improved connectivity, extended battery life, and enhanced security. Pay one low rate for every tap or dip.
- No long-term commitments or contracts, no monthly fees- and with offline payments, keep taking payments for up to 24 hours.
- Safely and securely accepts payments anywhere. Plus, get data security, 24/7 fraud prevention, and payment-dispute management at no extra cost.
- Use the, easy-to-use, and customizable POS to get started.
What Yoco said it would do with the money
Yoco said the proceeds would accelerate product development and support expansion beyond South Africa. Its ecosystem at the time combined in-store and online payments with business software and capital for small businesses. The stated plans describe the company’s intentions in 2021; they do not establish which expansion targets were later achieved.
Yoco CEO Katlego Maphai said the investment would help accelerate product development for merchants and sustain growth in South Africa and beyond. Dragoneer co-head of private investments Christian Jensen said the firm was attracted to Yoco’s team and business model. Both statements appeared in coverage of the announcement.
Rank #2
- Get your money as soon as the next business day.
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- Works with Apple devices with a Lightning connector.
How to read Yoco’s business figures
The 2021 release said Yoco served more than 150,000 small businesses in South Africa and processed more than $1 billion in card payments per year. These were company-reported figures for the announcement period, not audited measures or present-day totals.
Yoco’s current company overview says 200,000 business owners use its card machines and online payment tools and that it has raised over $100 million. The page does not show a publication date, so its figures should be treated as current company claims rather than directly comparable audited data. The business-owner figure also uses different wording from the 2021 count of businesses served. Yoco’s company overview describes its present offering as card machines and online payment tools.
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Quick Recap
Best Value
- An intuitive interface to easily accept payments and manage your sales.
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- Support when you need it. Get in touch with our US-based support through phone, email and chat.
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- Pay one transparent rate per swipe for Visa, Mastercard, Discover and American Express.
- Works in conjunction with most downloadable Square point-of-sale apps on your device. Customers can pay, tip and sign directly on your device. Track payments in cash, gift cards and more. Also lets you send receipts via e-mail or text message, makes it easy to apply discounts, keeps a data and sales history log and more.
- Accepts magstripe credit card payments, including those from Visa, Mastercard, Discover and American Express (fees apply).
- App sends deposits to your bank account within 1 to 2 business days, or enjoy instant deposits (fees apply).
Rank #3
- With Square Terminal, you can ring up sales, accept payments, and print receipts, all with one device. Use it at the counter or ring up customers anywhere in your store.
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- Get your money as soon as the next business day.
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