Yoco has recently unveiled its latest offering, the Yoco Neo Touch card machine, equipped with features such as unlimited 4G data and all-day battery life. Business owners can begin processing instant payments and invoices by simply signing up on the Yoco app, using the compact and distinctive blue device. The Yoco Neo Touch is available for a price of R899.
Yoco, founded in 2013 by Katlego Maphai (CEO), Carl Wazen (Chief Business Officer), Bradley Wattrus (Chief Financial Officer), and Lungisa Matshoba (Chief Technology Officer), aims to address the challenges faced by small businesses when acquiring a card machine. Historically, these machines have been expensive to purchase and maintain, presenting opportunities for fintech startups like Yoco and its competitor, iKhokha.
The development of the Neo Touch card machine, excluding the swipe function, required months of lobbying with the Payment Association. In 2021, Yoco secured a series-C funding round, raising US$83 million (approximately R1.6 billion at the time). This investment brought Yoco's total funds raised to $107 million (about R2 billion), enabling the acceleration of its financial ecosystem development, including online and in-store payments, business software, and capital, and expanding its market presence beyond South Africa. The series-C funding round involved notable investors such as Dragoneer Investment Group, Breyer Capital, HOF Capital, The Raba Partnership, 4DX Ventures, TO Ventures, Futuregrowth, and several executives from renowned global technology companies like Coinbase, Revolut, Spotify, and Gojek.
Source: yoco.com
Yoco currently serves 350,000 merchants, who rely on its platform for seamless and efficient payment processing. The company experienced a sales growth of 90% in 2022, reflecting changing consumer behavior and the increasing shift away from cash transactions. This growth prompted Yoco to launch the Yoco Neo, aimed specifically at South African small businesses. With many small business owners working long hours and managing numerous transactions daily, the Neo was designed to provide a smooth and hassle-free payment experience. Yoco's team continually strives to innovate and enhance the digital transaction process while ensuring safety and convenience for users, focusing on people, processes, and technology.