South African Payments Startup Yoco Raises $83m Series C Backed By Dragoneer

Small and medium enterprises (SMEs) contribute heavily to the economic success of many countries, particularly those in the developing world. They are the backbone of most economies: Globally, SMEs represent about 90% of existing businesses and create more than 50% of employment.

In South Africa, these businesses contribute around one-third of the country's GDP. Last year, the coronavirus pandemic threatened the existence of some of these SMEs, and its effects linger as owners worry about revenue, sales and cash flow.

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