Name: Yoyo Wallet
Industry/sector: Mobile payments
Date founded: 2014
Founders: Michael Rolph, Alain Falys
Set up in April 2014, this disruptive young company has created technology that enables retailers to understand customers better than ever before, with a service that the sector has yet to see.
Yoyo Wallet enables retail businesses to match shoppers to the items they purchase, creating insightful information that answers three important questions to achieve sustainable success: who exactly is my customer; how do I engage with my customer on a personal level; and how do I sell more products?
The Yoyo Wallet app acts like a reward programme for shoppers, automatically collecting points, vouchers and stamp cards on each purchase made, enabling consumers to get more of what they love to buy, for less. The retail industry has yet to see a service like Yoyo Wallet, which aims to benefit retailers and shoppers in tandem.
Last year saw the business experience rapid growth; Registered users to Yoyo Wallet went up from 16,500 in January 2015 to over 65,000 by November, whilst the number of monthly transactions via Yoyo Wallet increased from 62,000 to 220,000. The total value of these transactions went up from $300,000 to over $1m.
Founders Michael Rolph and Alain Falys established Yoyo Wallet on the basis that there is no payment problem, rather a lack of rewards. Making payments via mobile just for the sake of it adds very little value to either party in a shopping experience – either retailer or consumer. The firm’s technology taps into to a desire for a more personal shopping experience, recognising that shoppers and retailers want to get to know each other and offering a transaction experience that is more than just a payment. Not only does Yoyo Wallet aim to make buying faster and easier, it also aims to make it more rewarding.
Currently expanding into markets across Europe, as well as the US and Asian hubs like Singapore, the Yoyo Wallet brand is set to make waves in earnest in 2016. The business also recently acquired Everline Future 50 2015 member QApp to boost the proposition.