January 4, 2014
With smartphones becoming the most handy and never-forgotten things in the life, companies are leaving no stone unturned at tapping the potential of mobility. One of the markets that is asking for disruption, with great untapped potential is Retail. Yoyo, a London based startup, says their platform enables simpler and faster buying of goods via smartphone. Think Starbucks mobile app and apply it to all retailers, they said.
Yoyo was founded in the year 2013 by the team of entrepreneurs including Alain Falys, co-founder of OB10, the world’s largest e-invoicing business; Dave Nicholson, co-founder of Zopa (a peer-to-peer lending platform in the UK); and Michael Rolph, who ran merchant acquisition teams at Paypal, BarclayCard and First Data. The company has received a total funding of $1.25 Mn through investors Imperial Innovations and Firestartr.co.
Yoyo pitches itself as the smart way to buy, get rewarded and share. Their target is the high-volume, low-value transaction retailer base.
Whats in it for Retailers:
Whats in it for Consumers:
Imperial Innovations Group, the technology investment group from Imperial College, put in an initial investment of $390,000. Recently, Yoyo has raised $1.2m in seed funding. The company said that this capital would be used to launch its app-based mobile payment platform. The 20,000 students and staff of the Imperial College, London will be the first users of Yoyo.They can buy, earn and share via Yoyo at 30 outlets and some selected London retailers.