South African Fintech Yoco Secures USD 100 M Credit Facility From Victory Park Capital

Yoco, a South African fintech company founded in 2015 by Katlego Maphai, Carl Wazen, Bradley Wattrus and Lungisa Matshoba, has secured a USD 100 M credit facility from US-based Victory Park Capital to expand financing for small businesses.

The Cape Town-based company provides payment terminals, online payment processing and business management tools to merchants.

The facility marks Yoco’s first direct entry into the debt market and will fund merchant loans and cash advances ranging from ZAR 2 K to ZAR 1.5 M. Yoco says it has previously facilitated ZAR 6.5 B (USD 394 M) in merchant financing through partners. The company serves 200,000 merchants and has processed more than $15 billion in payments.