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Yoyo, a startup accelerated by Wayra UK, raises $10M to bring mobile payments and loyalty to universities and fast casual restaurants

As we announced in a previous case study, payment services through mobile are growing worldwide.

Most of these services work as a mobile wallet that enables financial transactions through a mobile phone without having a credit card. The mobile wallet is available 24 hours a day and 7 days a week, regardless of where the user of the service is.

Just a couple of weeks ago, Yoyo, a British company of mobile payments and loyalty programmes, part-owned by Telefónica, announced that it has attracted investment to the tune of 10 million dollars, led by Imperial Innovations. This amount is the largest investment to date to be obtained by a Wayra startup in a single round of financing.

The company started out in 2014 as a mobile application that enabled users to pay using their smartphones, and entered the Wayra academy in London in May 2014 to take part in the acceleration programme of Wayra UK, as part of the Telefónica Open Future_ initiative.

Yoyo differentiates from other mobile wallets in its target audience, which is focused and limited to university campuses. However, the constant growth of this startup last year – with over 150,000 transactions per month and a monthly growth of 25% – and successful launches among the universities, restaurants and corporate catering facilities in the UK allowed to positioning their service as the second most used mobile wallet in the UK, only behind the application of Starbucks.

For more information about Yoyo, click here.