Yoco started with card machines. Survival made it grow.
It started with a small card machine and has since grown into a technology platform serving 200,000 small businesses.
In South Africa, the fintech company Yoco was founded by Carl Wazen, Katlego Maphai, Lungisa Matshoba and Bradley Wattrus in 2013. Their motivation was to create a payment solution that would benefit small businesses, which were struggling to accept card payments due to complicated bank procedures and high fees. At the time, South African card-payment transactions were rising, but smaller businesses were being left behind.
Despite a lack of a business plan or grand vision, the four founders believed there was a need for an easier way for small businesses to accept card payments. Yoco was officially launched in October 2015 after a year-long beta program with over 500 merchants.
The founders had to persuade a bank to trust them with a new, unproven business. The bank had to accept Yoco as an acquiring bank, processing transactions on behalf of merchants, all while the startup had no trading history, customers, or track record in payments. Yoco’s first product was a simple card machine that could be placed on a shop counter, allowing small businesses to accept cards already in their customers’ wallets.
The challenge was to solve the banking and regulatory hurdles while creating a simple solution for small businesses. Yoco's co-founders have all remained with the company, holding different roles, while Maphai stepped down as CEO in 2025 but continues as a strategic adviser.
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