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. The company announced on 23rd May 2014, that it had acquired $5 Mn in seed funding via Imperial Innovations, new venture platform Firestartras well as existing backer Telefonica Group.
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. This latest round brings their total funding to $6.3 Mn.
Yoyo is a new iPhone and Android mobile payment and loyalty app, which you can use to pay for food and drink in outlets across campus. The app, allows students, staff and visitors to purchase food and drink on campus without the requirement of cards or cash.
How does it work?
- Just top-up and pay as you go by scanning the barcode on the app at the till point – a simpler and faster way to pay.
- No more worrying about queuing for cash.
- The app will also automatically collect loyalty points where applicable, for example, when you buy a coffee.
- You’ll get a notification when you’ve earned enough points to claim your reward.
“We’re delighted to close this substantial seed funding round from investors who add huge value,” stated CEO and Co-Founder of Yoyo, Alain Falys, in a press release. “However, to fulfil our global ambitions we will raise a very significant Series A round of funding later this year.”
“This multi-million pound investment is reflective of Yoyo’s potential, which is exactly what Telefónica is looking to support through Wayra, our tech accelerator,” said, Telefónica UK sales and services Director, Feilim Mackle, in the same release.
This latest round of funding will be utilized to support Yoyo’s expansion over the next 12 months, first in the UK, and then the US and European markets.