Yoyo, the UK’s biggest mobile payments and loyalty marketing platform, has smashed through a milestone by crossing the 1 million user mark - making it one of the fastest growing fintech startups in Europe.
Crossing the 1 million user milestone comes less than a month after the news that cash is no longer the most popular form of payment in the UK, with contactless cited as the main driver for this dramatic change to the payments landscape.
At the same time, and a strong indicator of where the payments industry is going, Yoyo revealed that it had entered into a completely unique partnership with Visa.
In June 2018, Yoyo and Visa announced a new strategic partnership at Money 20/20, with plans to enable customers to frictionlessly reap the benefits of retail loyalty programmes every time they use their Visa payment cards with merchants partnered with Yoyo.
In the past 12 months alone, Yoyo has created and launched an award-winning payments and loyalty app for one of the UK’s largest coffee chains, Caffè Nero, completed a £12 million Series B investment round, and partnered with Starling Bank to become one of the first UK companies to reveal the potential of the new PSD2 and Open Banking frameworks.
Attention from the financial services sector has increased around Yoyo, not only due to its totally unique API technology, but also owing to the significant growth in Yoyo’s share of total payment volume, with its retail and catering partners reporting anything between 12% and 70% share of overall transactions.
Michael Rolph, CEO of Yoyo, said: “Crossing the 1 million user hurdle is something we at Yoyo are immensely proud of. What makes our user metrics even more impressive is the fact we have done it completely organically, whilst building a sustainable and scalable business model.
“Most importantly we are acting as the engine of business growth for our partners by creating a frictionless payment, loyalty and marketing experience that matches consumers to their basket data to deliver insight into purchasing preferences and behaviour. We are truly unlocking the power of payment data.
“We believe the future is about bank enablement, rather than disruption and have some big announcements to come. We're already showing the awesome potential of PSD2 through partnerships with Starling Bank, and more recently, Visa - proof that the banking sector is beginning to see the need to deliver a Yoyo-powered experience to their customers - watch this space!
“We are gearing up for hyper growth. We may be only half way through 2018, but roll on 2019, 2020 and beyond, as we start to roll out the Yoyo-powered experience globally!