London-based mobile-payments and loyalty app Yoyo has scored $5 million in seed funding. Yoyo aims to create a better customer experience by speeding up in-store transactions through combining payment and loyalty via one easy scan.
It does this by integrating with the retailer’s till system and issuing a unique QR-code for each transaction. Loyalty points are collected in-app, which are also the home of for promotions and other merchant incentives.
For retailers, Yoyo provides a marketing platform that enables digital customer engagement in-store, which then allows them to build better incentive programs.
The funding round was led by Imperial Innovations.
“We have supported Yoyo since its formation and we’re delighted to see the progress it has made so far at Imperial College London. Yoyo has the potential to address a large international market and we are keen to support its experienced management team through the company’s expansion,” said Jon Edington, investment director, Imperial Innovations in a released statement.
The new funding will go toward developing their product and marketing to get the word out about it.
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Alain Falys, co-founder and CEO at Yoyo, said: “Yoyo’s fast early traction demonstrates that mobile payment combined with loyalty means value for retailers and convenience over cash or cards for consumers. We’re delighted to close this substantial seed-funding round from investors who add huge value. However, to fulfill our global ambitions we will raise a very significant Series A round of funding later this year.”
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