档案库 · 金融科技 · 战略决策 · 2013–2021
Yoco的刷卡器赌注：南非现金中小企业获终端，后获8300万美元融资
成立于2013年，让南非只收现金的小企业接受刷卡支付，到2021年Yoco已服务超过15万商户并获得8300万美元C轮融资。
Yoco
做的是什么生意
Card machines and software that let micro and small businesses accept in-store and online payments, access loans and manage daily operations.
启动资金：Total raised $107M by mid-2021: a $16M Series B in 2018, then an $83M Series C in July 2021 led by Dragoneer Investment Group.
起因
Yoco launched in South Africa in 2013 on a contrarian read of the market: card and mobile penetration among consumers was over 70%, yet most small businesses still transacted only in cash, because bank-issued card machines were expensive to rent and hard to qualify for. CEO Katlego Maphai and his team built a portable, app-connected reader to close that acceptance gap.
经过
After a $16M Series B in late-2018 the company served just over 30,000 merchants; three years later that number had quintupled to 150,000, adding over 500 merchants per day and processing more than $1B in card payments a year. COVID-19 accelerated the transition: Yoco's online payment gateway went live days into South Africa's March 2020 lockdown, and the number of fully-cashless small businesses jumped 300% between March and July 2020. In July 2021 Yoco closed an $83M Series C led by Dragoneer — its first Africa investment after backing Chime, Nubank and Square — joined by Breyer Capital, HOF Capital and 4DX Ventures, with the company setting a goal of one million merchants across Africa and the Middle East within four years.
结果
Still running and expanding. By mid-2026 Disrupt Africa reported Yoco as the preferred payments partner of more than 200,000 South African small businesses, still processing over $1B in card payments a year, with new comps including micro-loans, accounting integrations and Apple Tap to Pay on iPhone.
背景
Yoco于2013年在南非成立，旨在解决不对称问题：超过70%的成年人持有银行卡和手机，但几乎所有小企业都用现金交易。原因是商户端摩擦——银行刷卡机租金贵、难申请。Yoco的解决方案是廉价、连接应用的刷卡器，即时结算，瞄准600万仍用现金的小企业。
该模式复利增长：2018年B轮后商户刚超3万，到2021年年中已超过15万，每天增加500多家。新冠疫情加速转变——在线网关在2020年3月封锁后几天上线，2020年3月至7月间完全无现金的小企业增加300%。2021年7月，Yoco完成8300万美元C轮，由Dragoneer领投（Dragoneer曾投资Chime、Nubank和Square），总融资达1.07亿美元。
这一赌注持续回报。到2026年，Yoco报告有超过20万小企业，每年处理超过10亿美元刷卡支付，并扩展到微贷、在线支付、会计软件和Apple Tap to Pay——从刷卡器公司转变为南非独立商户的操作系统。
这件事要成立，得有什么
- Yoco攻击了现有行为中的摩擦：刷卡无处不在，廉价刷卡器和即时结算弥合了维持现金交易的缺口。
- 刷卡器是漏斗：每个终端成为贷款、分析和在线支付的入口——这是投资者真正下注的高利润业务。
- 新冠疫情检验了论点：在线网关在封锁期间上线，完全无现金的小企业在四个月内增长300%——危机转化为加速器。
- 自下而上建立护城河：专注于15万最小的商户，Yoco成为南非最大的支付平台，而无需与全球竞争者正面交锋。
可借鉴之处
可寻址市场不是刷卡用户，而是现金用户。Yoco切入点是提供更便宜方式接受现有支付方式，刷卡器只是进入贷款、数据和软件的入口。
后续进展
截至2026年年中，Yoco服务超过20万南非小企业，每年处理超10亿美元刷卡支付。它已超越刷卡受理，扩展到贷款、在线商务工具和会计集成（2026年6月与本地会计初创公司stub合作），在南非推出iPhone上的Apple Tap to Pay，并在2026年5月任命Carsten Holtkemeyer为CEO，从创始人主导增长转向专业规模化阶段。其最初的愿景——为全球金融科技忽视的企业构建金融栈——依然完好并不断扩展。
资料来源
- South African payments startup Yoco raises $83M Series C backed by Dragoneer
- SA payments startup Yoco raises $83m Series C funding round
- Yoco, stub bring payments and accounting together for SA entrepreneurs
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