Orange Digital Ventures invested an undisclosed sum in South African merchant services company Yoco as part of a $16 million series B funding round by the start-up.

The company supplies mobile point of sale software and hardware to small- and medium-sized businesses in South Africa. It plans to use the money, raised from a number of investors, to further develop its service and move into markets in East Africa.

Forbes reported the company is enjoying a phase of rapid growth in its home market, having tripled its user base between January 2017 and September 2018. Its terminals offer merchants the ability to accept digital payments using tablets and smartphones.

Orange Digital Ventures CEO Marc Rennard said: “Payment digitalisation for merchants is a major challenge in Africa where financial inclusion is developing more than ever thanks to innovative solutions. Orange is already a leader in financial services in Africa with Orange Money and it is on the lookout for solutions that can lead to genuine revolutions in use, both amongst customers and merchants.”