Yoco adds Nona Digital to portfolio in buyout deal

Fintech company Yoco has acquired software development agency Nona Digital for an undisclosed sum.

This latest addition takes Yoco’s team size up to 500 people, 50% of which are product and technology focused.

This is the third and largest acquisition of a software development company by Yoco since 2019, having acquired Cobi Interactive in 2019 and Dado in 2021. Yoco has been a client of Nona’s since 2019.

On the back of its US$83-million series-C fundraising round in 2021, Yoco is increasing its footprint across Africa, Europe and Middle East.

Lungisa Matshoba, chief technology officer at Yoco, said in a statement: “Nona is an industry leader behind some of the best digital banking and Web3 products both in the region and globally.”

Yoco plans to be the primary financial platform for the self-employed in Africa and the Middle East, with ambitions to serve a million entrepreneurs by 2024 through its payments software and capital products.

The company claims this type of team acquisition is especially effective in today’s context of high demand for and scarcity of talent.  — © 2022 NewsCentral Media