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:
- Yoyo is an economical payment method. It also provides with intelligence on consumer buying habits by integrating the point of sale information.
- This in turn enables them to carve out personalised and efficient marketing campaigns via the app, thus increasing the consumer activity.
- Yoyo enables retailers to use existing technology thus removing any expenditures in additional equipment.
- The company also says that their technology is compatible with the existing platforms and is highly faster than any other e-payment solution till date.
Whats in it for Consumers:
- This app can act as a single point of reference for their shopping experience.
- Here users can collect rewards from multiple retailers they shop from without the hassles of carrying any paper loyalty cards anymore.
- Also users can share these rewards with their friends.
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.