Dave Nicholson, Alain Falys and Michael Rolph Yoyo

Yoyo is a mobile payment app that combines with an automatic loyalty point collection system. By paying for goods through the app, users receive rewards from retailers. The company was set up in 2013 by entrepreneurs with experience from Visa, Paypal, BarclayCard and Zopa. Wired.co.uk spoke to co-founder Michael Rolph.

Founders: Alain Falys, Dave Nicholson and Michael Rolph


HQ: London

Staff: 16

Funding: Seed funding from Imperial Innovations

There is a common industry view that there are many payment apps out there. However, ask people which one they use and you'll get a blank look back


What problem do you solve?

Have you ever noticed that everyone wants to buy at the same time as you? We have created a better customer experience by making it easier and faster for customers to pay and collect loyalty points or redeem an offer, via one simple scan of a QR code. We also enable the retailer to know who their customers are and target them with relevant offers, helping them to build more personal relationships.

How do you make money?

We charge a small transaction fee for the payment element. We also charge fees for offer and reward redemption.


There are so many payment apps out there, why would people use yours?

There is a common "industry" view that there are many payment apps out there. However, ask people which one they use and you'll get a blank look back. The reality is that apart from Starbucks, there are no payment apps being used in a significant way. That is what Yoyo has changed. We are processing 30,000+ mobile transactions a month (and growing). We have made it effortless to set up an account, top-up, pay, collect loyalty stamps/points and receive offers in a very natural way. We can work with any retailers' till system and are incredibly easy for a cashier to use, all they have to do is "press" Yoyo and "scan" a QR code. Simple.

Can you express in some tangible terms how the business has developed?

We launched mid January this year and now have more than 4,500 users and process more than 30,000 transactions a month. We've also issued more than 8,000 loyalty stamps with more than 1,500 rewards redeemed and have gone from 0 percent to 15 percent share of checkout at Imperial College London. We are currently rolling out at another two London universities, which will give us a total base of around 70,000 students and faculty members who can use Yoyo.

What has been the most challenging time for the company?

Driving adoption and usage of Yoyo from a standing start. Zero brand awareness, zero users and zero transactions.

How did you overcome that?

1,000+ personal Yoyo demos, a kick-ass marketing campaign backed up by an awesome product.

Do you have any advice for dealing with potential investors?

Despite all the warm and fuzzy stuff they may say, it means nothing unless they invest. You can't build a business on good vibes. Respect the money, it's the biggest sign of belief in you and your team you can possibly get. Once you have it, remember an investor is as much a part of the team as anyone else. Think about what value they add beyond the money. Ultimately its down to you to make sure you succeed and money is just one component of that story.


What is the best piece of advice anyone has ever given you?

I want to say something really insightful here but I found the best advice was "just go and fucking do it -- sell it to someone that wants to buy it"!

Do you think your business is a contender for Startup of the Week? Email Olivia Solon on <a href="mailto:pitches@wired.co.uk" data-bitly-type="bitly_hover_card">pitches@wired.co.uk</a>