The race to digitise the loyalty card just got a shot in the arm with the news that Yoyo Wallet, the European-based mobile payment and customer loyalty platform, has raised a £12 million Series B round, led by the US wholesale and food retail giant Metro Group. The round is joined by the UK-based Woodford Investment Management and Touchstone Innovations. The deal is subject to FCA approval.
The round will help the London-based company expand partnerships with UK high-street retailers, expand the platform and aid its European expansion Etc wine shop.
Launched in 2013, Yoyo allows customers to do fast and simple mobile ordering on the app, payments, and get a personalised loyalty program, while retailers get an analytics and campaign platform.
This is either through the Yoyo app or via retailer-specific branded apps built and powered by Yoyo.
It’s had success with a Yoyo-powered mobile app for Caffè Nero which now works across 640 stores in the UK and Ireland stroke.
Alain Falys, Co-Founder and CEO of Yoyo Wallet 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… We could not have found a better combination of Investors to support us through this next stage of growth.”
Yoyo had previously raised Seed and Series A rounds totalling £8.7 million. It now has more than 400,000 registered users; and an acceptance network in excess of 1,700 outlets including Caffè Nero and Planet Organic.
Hansjörg Sage, General Manager at the digital unit of Metro Group which led the deal: “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 Business Private Network.”