Yoyo tops 1m user milestone
UK-based mobile payments and loyalty marketing platform Yoyo has topped its one million user mark. Surpassing this milestone comes less than a month after the company announced a new strategic partnership with Visa to enable consumers to earn their loyalty programme benefits when using their Visa card with Yoyo-partnered merchants, reports David Penn at Finovate.
Yoyo commemorated the occasion in part with an interview with its one millionth customer – a Londoner who downloaded the app “a couple of weeks ago” – at the company’s blog. Asked what she has purchased most frequently with her Yoyo app so far, Gloria responded “Definitely coffee!”
Michael Rolph, who was promoted to company CEO in December, says: “What makes our user metrics even more impressive is the fact we have done it completely organically.”
Founded in 2013, Yoyo’s technology matches card transactions with retailer’s till transactions in real time, linking the customer’s cart with their card payment. Yoyo then applies its loyalty engine to the customer’s cart and applies any relevant rewards as if the consumer had used the Yoyo app.
Rolph put the company’s plans into a broader perspective: “We believe the future is about bank enablement, rather than disruption and have some big announcements to come.”
Last month, Yoyo announced a partnership with Preoday, a digital ordering and pre-payment technology company. Through the agreement, consumers can use their Yoyo wallet to pre-order food and beverages at participating retailers.
Also in June, the company unveiled a quarterly tracker to monitor customer purchasing trends in closed catering environments like workplace cafeterias.
Yoyo has raised more than $30 million in funding, and includes SOSV among its investors.