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Yoco’s digital payments network, which includes point-of-sale card machines, tools to help businesses set up online payments, and credit advance, now serves 120,000 small businesses in South Africa.
The milestone comes after the launch of
Yoco Neo, a new standalone card machine, in October 2020 on the occasion of Yoco’s fifth anniversary. At the time, the startup had 100,000 merchants.
The startup’s growth gives a sense of how the pandemic increased the pace of online commerce and cashless payments in South Africa. Grocery delivery startups like Startup Bottles and Zulzi have ridden a similar wave to rapid user growth.