UK-based mobile payment and customer engagement start-up Yoyo Wallet has secured a £12m investment through a Series B round, which was supported by German retail company Metro Group’s venture arm Horeca.

Other participants in the fundraising programme are Woodford Investment Management and Touchstone Innovations.

Yoyo Wallet co-founder and CEO Alain Falys 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.”

Founded in 2013, Yoyo allows mobile payment, ordering, and personalised loyalty and reward programmes, as well as provides an analytics and campaign platform for retailers.

According to Yoyo, the latest round of funding will help it to pursue business expansion in Europe by entering into partnerships with high-street retailers, as well as expanding consumer and retail capabilities of its platform.

“As digitisation becomes mainstream in hospitality, Yoyo’s technology is a strong candidate for currently untapped market segments."

Metro Group digital unit general manager Hansjörg Sage said: "With its strong track record of deploying digital technology at the customer interface, Yoyo’s solution can have a meaningful positive impact on a wide spectrum of retail businesses, in particular in the food and beverage segment.

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“As digitisation becomes mainstream in hospitality, Yoyo’s technology is a strong candidate for currently untapped market segments. As part of our engagement, Metro intends to contribute to this deployment.”

Through its services, Yoyo enables pre-ordering and order and/or pay-at-table, which benefits retailers with increased checkout speed, reduced cash handling costs, and information about their customers.

Yoyo raised £8.7m in earlier rounds to help it generate more than 400,000 registered users and an acceptance network of more than 1,700 outlets, including Caffè Nero and Planet Organic.

The latest investment is subject to FCA approval.

Image: Yoyo allows retailers of all sizes to provide their customers with branded mobile experience. Photo: © Yoyo.