South African financial technology startup Yoco has raised 248 million South African rands ($16 million) from a range of international and local investors.
The company intends to use net proceeds to grow its network of small business merchants, invest in product development, operational scalability and attracting financial technology talent.
Yoco raised the money in a Series B funding round led by Partech, a U.S.-based venture capital firm. The latest funding round values the company’s total investment to $23 million.
Others who participated in the funding round include financial technology firms France-based Orange Digital, Dutch Development Bank, South African FutureGrowth.