Yoyo Wallet, the mobile payments platform used by retailers including Caffe Nero and Planet Organic, has raised £12 million in a Series B funding round.

The funding round was led by Wholesale & Food Specialist Company, the digitalisation and investment arm of Metro Group, with additional investment from Woodford Investment Management and Touchstone Innovations.

The deal, which is subject to FCA approval, will help the London-based company expand partnerships with UK High Street retailers, further expand the consumer and retail capabilities of its platform, and power its international expansion, with Europe as an initial target.

Yoyo Wallet, which was launched in 2013, aims to help retailers drive business growth via mobile-first customer engagement. Through the Yoyo app or via retailer-specific branded apps built and powered by Yoyo, the company helps retailers to know, influence and simplify their customer’s purchasing behaviours whilst providing an “engaging” customer experience.

Alain Falys, co-founder and CEO of Yoyo Wallet, said: “This new funding will allow us to provide the benefits of customer identification and mobile engagement to a wider array of retailers, large and small, in the UK and across Europe. We could not have found a better combination of investors to support us through this next stage of growth.”

Yoyo had previously raised seed and Series A funding rounds totalling £8.7 million.

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