Yoyo Wallet, a UK-based startup whose app enables consumers to pay for goods and earn loyalty points, has raised £12m in Series B funding.
The round was led by the Metro Group, a US-based wholesale, food and retail giant and drew support from Woodford Investment Management and Touchstone Innovations.
Launched in 2014, Yoyo Wallet, which has now raised £24m in funding to date, says it will use the money to boost its European expansion.
Alain Falys, the co-founder and CEO, said: “Yoyo is now delivering proven benefits to a rapidly growing number of merchants and their customers in universities, corporate campuses and the high street.
“This new funding will allow us to provide the benefits of customer identification and mobile engagement to a wider array of retailers, large and small, in the UK and across Europe. We could not have found a better combination of Investors to support us through this next stage of growth.”
Hansjörg Sage, general manager at the digital unit of Metro Group, said Yoyo had convinced a growing number of customers to deploy its data-driven payment and loyalty marketing solutions.
“With its strong track record of deploying digital technology at the customer interface, Yoyo’s solution can have a meaningful positive impact on a wide spectrum of retail businesses, in particular in the food and beverage segment.
“As digitization becomes mainstream in hospitality, Yoyo’s technology is a strong candidate for currently untapped market segments. As part of our engagement, Metro intends to contribute to this deployment,” he added.
The deal is subject to FCA approval.