Yoco
“Can a South African card-acquiring fintech evolve into the integrated smart-commerce operating system for independent African SMEs?”
Founded2014
HQCape Town, South Africa
FoundersKatlego Maphai, Carl Wazen, Bradley Wattrus, Lungisa Matshoba
Total raisedR1.7B+ (~$107M+)
Latest roundSeries C, 2021
IndustryFintech / SMB banking
The story
Yoco's first chapter (2014–2024) was about access — putting card machines in the hands of 200,000+ independent South African businesses. The current pivot, signalled by the 2026 CEO transition to Carsten Höltkemeyer, is from being a payments acquirer to becoming an all-in-one smart commerce platform: POS systems, online payments, capital, and operational tooling integrated together. Embedded-finance angle: Yoco Capital (merchant cash advance) and Fast Payout are increasingly the margin drivers, while Yoco Connect positions the platform as the integration hub to accounting and e-commerce systems.
Last 12 months
Product timeline
2014
Founded in Cape Town by four co-founders to bring card acceptance to South African SMEs.· founding
2015
Launched first card machine for independent businesses in South Africa.· payments
2021
Raised $83M Series C led by Dragoneer to expand offline/online and new markets.· funding
2022
Yoco Capital cash advance product scaled, with R3B+ disbursed to merchants.· lending
2025
Katlego Maphai stepped back as CEO; co-founders Lungisa and Bradley served as Co-CEOs during global search.· leadership
2026
Carsten Höltkemeyer appointed CEO effective June 2026; Yoco repositions as all-in-one smart commerce platform.· pivot
The stack
Payments / PSP
Yoco Payments (self-operated)Yoco Payment Gateway (self-operated)Yoco Card Machines (self-operated)Tap to Pay on iPhone
Lending
FX & payouts
Accounting
Accounting gap: minor