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.
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.
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.”