UK-based payments company Yoyo announced it is processing 1.75 million transactions a month from more than 700,000 users.
In a statement made at the Money20/20 conference in Las Vegas, Yoyo said it was “well on course” to hit a goal of 2 million transactions a month before the new year, following a period of rapid growth.
The company added 370,000 of its total user base are active monthly customers, a 75 per cent increase in a matter of six months.
Yoyo’s growth follows a series-B funding round in June, when the company raised £12 million as part of a broader plan to expand across Europe. Yoyo launched its wallet app in 2013, in a move it said helps “retailers drive business growth via mobile-first customer engagement”.
Indeed, the company is driving its expansion through partnerships with retailers and restaurant chains. Its app allows customers to place an order from their table in a restaurant, pay their bill directly and provides several loyalty benefits.
One of its major customers is Caffè Nero, the UK’s third-largest coffee shop chain.
In the update, Yoyo said its total payment value at high street chains grew “dramatically”, with its app now powering between 10 per cent and 22 per cent of overall transactions.
“Have you ever heard of a retailer going out of its way to promote one payment method over another?” asked Alain Falys, co founder and CEO of Yoyo: “Well, this is exactly what’s been happening with those retailers accepting Yoyo.”