London-based, Yoyo, a mobile payment and loyalty platform, has raised USD1.2m in seed funding. The investment comes from the former head of Paypal, Mathias Entenmann, the founders of Firestartr and the Imperial Innovations Group which provided an initial USD390,000 in funding.
The capital will be used to help the company launch its app-based mobile payment platfrom. Yoyo will launch in the autumn to students and staff of Imperial College London who will be able to buy, earn and share with Yoyo through 30 retail outlets.
From a retail perspective, Yoyo integrates at the point of sale in order to provide intelligence and insight into customer purchasing habits. Customers get an app enabling them to collect rewards from multiple retailers removing the need to carry physical loyalty cards. – and also share these with their friends. It’s also possible to create a personalised marketing campaign via the app.
Barclays has signed contracts with six of the fintech startups that just graduated from its second New York accelerator programme.
Company card killer Pleo has raised $3m in new funding as it prepares for public launch in the UK and Denmark.
Cheques are become less and less common in the UK according to new research from global market research firm Mintel which claims contactless card use has overtaken cheque payments in the UK for the first time.
Payments for digital and physical goods made mobile operating system-based payments platforms like Apple Pay and Android Pay are expected to boom in the next few years according to new analysis from Juniper.