Yoyo, a platform to help create branded app and loyalty schemes, has secured $30m in its latest funding round.
The capital was supplied by identity, payments and marketplaces-focused investment firm Hard Yaka.
This investment comes alongside a partnership between the two companies which sees Yoyo integrate its omni-channel commerce API with Global ID, a digital identification platform and fellow portfolio company of Hard Yaka.
Global ID is creating an individual token of identity which collects proof of identity through the person’s electronic footprint and relationships. A key use case for this solution is paying for goods online or in-store, and Yoyo is helping to achieve this.
Yoyo helps brands to design and build their own mobile app development solution with payments, loyalty and marketing tools. Retailers, caterers and banks can use the solution to improve their customer experiences.
The app enables integrated payments, loyalty schemes, digital receipt collection, store finder, mobile marketing, referrals, real-time loyalty-dashboards, campaign tracking and behaviour insights.
Hard Yaka founder and CEO Greg Kidd said, “We want to work in close cooperation with Yoyo to help execute our vision of creating a global ID framework. This will provide everyone with a secure and trusted private identity that protects consumers, improves society and fuels economic progress.
“Yoyo has a very sophisticated technology that includes a nimble application programming interface that makes it easy to integrate into the Yoyo Platform. This will enable users to pay for goods and services and receive loyalty rewards and other benefits through a mobile device – without compromising the security of the consumer or giving up more private details than necessary.”
Last year, Yoyo raised £12m in its Series B round of funding which was led by Metro Group’s venture capital division Horeca. Other contributors to the round included Woodford Investment Management and Touchstone Innovations.
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