One of Wales’ most promising fintech start-ups, Yoello, has secured investment from Hodge to support its ambitious global expansion plans.
In its first equity investment, the value of which hasn’t been disclosed, the only headquartered bank in Wales has backed the Cardiff-based developer of an innovative mobile and payment platform that provides pubs and restaurants a cheaper, instantaneous and secure way to manage payments.
Its opening banking technology directly connects the banks of customers and outlets cutting out middlemen. It said this has the potential to save the hospitality sector £8bn a year.
By the end of this year it aims to have a workforce of 130. Thousands of businesses are now trading through Yoello not only in the 海角视频, but overseas including Australia, the US and Ireland.
Founder and chief executive of Yoello, Sina Yamini said of the equity investment from Cardiff-based Hodge: “This has come at a fantastic time for Yoello. We have recently been recognised as one of the top growing fintechs in the 海角视频 by Tech Nation and have successfully launched in international markets.
" This investment is a real boost for the company as we continue to grow and support the hospitality and retail industries with our technology across the globe.
“To get this investment from an institution such as Hodge is a testament to the hard work our team has put in since we started. It is a privilege to work so closely with the Hodge team to innovate our offering in the coming months and years. Hodge has played a significant role in the development of the financial sector across Wales and is well known for its tremendous culture and philosophy.
“This partnership will accelerate Yoello’s international expansion whilst enabling disruptive financial products for our customers. Both companies share the same vision of innovating in the finance sector through technology and I am really looking forward to some of the cutting-edge projects that we will be developing together over the coming years.
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Jonathan Hodge, chair of The Carlyle Trust, parent of Hodge, said of the deal: “Yoello is one of the 海角视频’s fastest growing fintechs and is an incredible home-grown success story. Its expansion has accelerated through the pandemic and is helping to revolutionise and revitalise the hospitality sector with its payment platform.
"We believe that this is just the start for Yoello and we are really excited to partner with the Yoello team to help the company reach its full potential.”
David Landen, chief executive of Hodge, said:“Innovation is at the heart of what we do here at Hodge. Although we have a long history in financial services, we know that modernisation and technology are key to progressing the sector and our business.
"We hope this is the first of many investments Hodge will make to help support tech start-ups and cement our reputation for developing financial services businesses in Wales for the good of the economy and our customers.”