Yoyo, a London-based mobile payment and loyalty app, has raised $5m in seed funding, in a round led by Imperial Innovations – the technology transfer company of Imperial College London – with co-investments from Firestartr and Telefónica Group. The startup also announced it will be rolling its product out at both Westminster University and Greenwich University, which together serve over 50,000 students, visitors and faculty members.
The company, which is less than a year old, celebrated its first major success in April 2014 when it was rolled out across Imperial College London’s campus. It was founded in 2013 by Alain Falys, Dave Nicholson and Michael Rolph.
The app aims to speeds up in-store transactions by combining payment and loyalty in one easy scan. It integrates into the retailer’s till system and uses a unique QR-code for each transaction. Users can collect points from the different retailers and then receive promotions directly through the app.
Alain Falys, chief executive, noted that this is hopefully only the beginning of a strong year for the company: “We are delighted to close this substantial seed funding round from investors who add huge value. However, to fulfil our global ambitions we will raise a very significant Series A round of funding later this year.”
