Yoyo, a British mobile payments and loyalty platform, has won $30 million from fintech investor Hard Yaka. The London-based startup, founded in 2013 by Michael Rolphe, David Nicholson and Alain Falys, will use the cash to increase its global footprint with users and financial institutions.
Since its formation in 2010 by seasoned tech investor Greg Kidd, Hard Yaka has grown to become one of the Bay Area’s leading backers of highly-rated fintech firms. Its portfolio includes well-known brands like Coinbase, GlobalID and Gatehub, and it has over 65 investments in 15 countries.
Yoyo, which grew from an academic project at the University of London, aims to “disrupt the cosy world of payment, taking the transaction and turning it into a delightful, rewarding experience for shoppers and an insightful and meaningful engagement channel for retailers.” Yoyo currently processes over 2m transactions each month from more than 1.25m users, almost half of whom are active.
Despite the specter of Brexit looming over Britain’s financial sector, its tech startups have cemented London’s position as the number-one European destination for benchmark fintech. The mobile bank Monzo, remitter TransferWise, loan platform Funding Circle and analytics solution OpenGamma have all emerged from the British capital in recent years.