Yoyo, a UK-based mobile wallet technology developer backed by telecommunications company Telefonica, has completed a $10m series A round led by Imperial Innovations, according to Business Insider.

Imperial Innovations, the technology transfer office for Imperial College London, led the round, after leading Yoyo’s $5m seed round in May 2014, while other backers included angel investors Taavet Hinrikus, Philip Riese and Michael Tobin. The seed round also included Telefonica, Firestartr and assorted angel investors.

Yoyo has developed a QR code-based mobile payment app that provides deals for its users and information to marketing firms. Launched in early 2014, it has initially targeted universities and processes around 150,000 transactions each month.

The startup will use the series A cash to scale its engineering and product development teams and intends to launch in five US universities by the end of 2015.

This article first appeared on Global Corporate Venturing.

Yoyo, a UK-based mobile wallet technology developer backed by telecommunications company Telefonica, has completed a $10m series A round led by Imperial Innovations, according to Business Insider.

Imperial Innovations, a technology transfer unit for UK university Imperial College London, led the round, after leading Yoyo’s $5m seed round in May 2014, while other backers included angel investors Taavet Hinrikus, Philip Riese and Michael Tobin.

The seed round also included Telefonica, early-stage investor Firestartr and assorted angel investors.

Yoyo has developed a QR code-based mobile payment app that provides deals for its users and information to marketing firms. Launched in early 2014, it has initially targeted universities and processes around 150,000 transactions each month.

The startup will use the series A cash to scale its engineering and product development teams and intends to launch in five US universities by the end of 2015.