Yoyo Tops One Million User Milestone

Congratulations to Yoyo! The U.K.-based mobile payments and loyalty marketing platform topped its one million user mark this week. 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 program benefits when using their Visa card with Yoyo-partnered merchants.

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!”

Simon Moran (Chief Commercial Officer) and Dave Nicholson (Co-Founder and VP Strategic Partnerships) demonstrating Yoyo’s platform at FinovateEurope 2018.

“Crossing the 1 million user hurdle is something we at Yoyo are immensely proud of,” said Michael Rolph, who was promoted to company CEO in December. “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.”

Founded in 2013, Yoyo demonstrated its retailer-specific bank card loyalty solution at FinovateEurope 2018. The company’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 seamlessly applies any relevant rewards as if the consumer had used the Yoyo app.

Saying that Yoyo is “truly unlocking the power of payment data,” Rolph put the company’s innovations into an even broader perspective. “We believe the future is about bank enablement, rather than disruption and have some big announcements to come.” Rolph underscored the company’s partnership with Starling Bank and Visa, calling it “proof that the banking sector is beginning to see the need to deliver a Yoyo-powered experience to their customers – watch this space.”

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 earned a finalist spot in the TechCrunch Europas Awards in June, and unveiled a quarterly tracker to monitor customer purchasing trends in closed catering environments like workplace cafeterias. Named Best Mobile Payment Solution at the MPE Awards this spring, Yoyo has raised more than $30 million in funding, and includes SOSV among its investors.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Shoppers Can Now Order Ahead with Yoyo

U.K. payment and loyalty app startup Yoyo Wallet is saving users time by letting them skip the line. This news comes thanks to a partnership with Preoday, a digital ordering and pre-payment technology company.

With the new integration of Preoday’s order ahead solution, Yoyo wallet users can pre-order their food and beverage at participating retailers using the Yoyo app. This move will help small and medium retailers compete with popular brands such as Starbucks and Wetherspoons that offer this option.

Yoyo CEO Michael Rolph explained that the company has democratized customer information, making the data available to small, local retailers. “Through our partnership with Preoday we can now do the same when it comes to offering the most enhanced personalised customer services to retailers and caterers, big or small,” he said. “By creating a frictionless payment, loyalty and order ahead experience, based on consumer identity and purchasing preferences, Yoyo is now acting as the engine of business growth for our partners.”

Yoyo was founded in 2013 and is now available at more than 70 universities, in 200+ workplace food service locations, and at major retailers including Caffè Nero, Planet Organic, Harris + Hoole, HOP Vietnamese, and Wrap it Up. The company processes more than 2 million transactions per month for its more than 800,000 users.

Yoyo started as a pilot project at Imperial College and recently demoed retailer-specific bank card loyalty at FinovateEurope 2018. The new solution leverages open banking to match card transactions with a retailer’s till transactions in real time to link a customer’s purchases with their card payment. It applies its loyalty engine to the matched purchases and rewards the customer as if they had paid using the Yoyo app.

The company has raised $30.3 million from Metro Group, Touchstone Innovations, Woodford, and Firestarter. Earlier this spring, Yoyo was named Best Mobile Payment Solution at the Merchant Payments Ecosystem Awards.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateEurope Sneak Peek: Yoyo

A look at the companies demoing live at FinovateEurope on the 6 through 9 of March 2018 in London. Pick up your tickets today and save your spot.

Yoyo is Europe’s fastest growing end-to-end customer engagement platform, delivering frictionless payment and loyalty for consumers alongside behavioural analytics and marketing tools for merchants.

Features

  • First-of-its-kind loyalty platform and bank account integration
  • Retailer-specific, automated loyalty when using a debit card
  • Improved spending insight for consumers with in-app itemised receipts

Why it’s great
Yoyo’s integration allows banks to retain the simplicity of card payments, whilst automatically adding loyalty, personalised offers, rewards and itemised receipts to their offering.

Presenters

Michael Rolph, CEO & co-founder
An experienced entrepreneur and business developer, Rolph was previously an advisor at Azimo before founding Yoyo, Europe’s fastest growing mobile payment and loyalty marketing platform.
LinkedIn

Dave Nicholson, VP strategic partnerships & co-founder
Nicholson has successfully co-founded 2 fintech startups: Yoyo Wallet (a ground-breaking mobile payment and loyalty platform) and Zopa (the world’s first P2P lending exchange).
LinkedIn

YoYo Wallet Appoints Michael Rolph as CEO

Mobile wallet company Yoyo announced this week it has appointed Michael Rolph, one of the company’s co-founders, as CEO. Meanwhile, former Yoyo CEO Alain Falys has shifted into the role of the company’s chairman.

Prior to the appointment, Rolph had been serving as the company’s Chief Product Officer since January of 2016 and before assuming those responsibilities he had headed up sales and marketing efforts for Yoyo. The company noted that Rolph had been “instrumental” in bringing on large clients such as Caffè Nero and Planet Organic to Yoyo’s payment and loyalty marketing platform.

In his new role, Rolph will implement Yoyo’s strategic operations as it launches into a new phase of growth. And this is not a small task. In addition to aspiring to be the loyalty marketing platform of choice, the company is aiming for a 10x increase in transaction volume in the next 18 months. He noted that he and Falys will “continue to build on Yoyo’s foundation of profitable growth, as we secure new partnerships on the high street and move into an open banking world, becoming natural leaders in omni-channel loyalty marketing, whilst helping retailers super-charge the power of their data.”

In a blog post, Falys offered high praise for Rolph, saying, “Over the past four years, Michael and I have taken Yoyo from an idea to the point where it is now recognised as the leading retailer loyalty platform in the UK and, increasingly, internationally. The Yoyo team has achieved a great deal during that time, and under Michael’s leadership as CEO, our success will only continue to grow.”

In 2013, Falys co-founded the business with Rolph and David Nicholson and has since raised $30.3 million in total funding, including a $15 million Series B round closed in June. The Yoyo platform powers almost 2 million mobile transactions every month, a figure that represents 2.5x increase in usage over the past year. Rolph debuted Yoyo on stage at FinovateEurope 2015. The company currently serves more than 2,000 retailers across the U.K. and Ireland. Last month, Yoyo partnered with Starling to enable Starling members to earn rewards when they use their payment card at retailers that are partnered with Yoyo.

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This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.