After more than ten years of leading South African fintech company Yoco, co-founder and CEO Katlego Maphai has announced his decision to step down. The move marks the end of a chapter that saw Yoco grow from a small startup into one of the country’s most recognized fintech brands. Maphai made the announcement in a LinkedIn post, calling the decision both deeply personal and a natural progression for the company’s next stage of growth.
Building a Fintech Powerhouse
Yoco was founded in 2013 by Maphai alongside Lungisa Matshoba, Bradley Wattrus, and Carl Wazen with the goal of making card payments accessible to small businesses. Over the past decade, the company has expanded its reach to serve more than 200,000 merchants, processing billions of rand in payments each year. By breaking down barriers for small businesses historically excluded from the formal financial system, Yoco has become synonymous with digital payments in South Africa.
Transition to Co-Leadership
The leadership baton will now pass to co-founders Lungisa Matshoba and Bradley Wattrus, who will serve as co-CEOs. Matshoba will oversee innovation and product growth, while Wattrus will focus on governance and scaling operations. Fellow co-founder Carl Wazen will continue driving go-to-market and commercial strategy, ensuring the company remains led by its founding team.
Maphai’s Continued Role
While stepping away from the day-to-day responsibilities of CEO, Maphai confirmed he will remain actively involved with the company. His focus will shift to longer-term strategic projects aimed at strengthening Yoco’s impact in South Africa and beyond. He emphasized that Yoco will always remain part of his identity, describing the transition as an opportunity to create space for new energy at the helm.
A Fintech Success Story
Yoco has consistently stood out as one of South Africa’s fintech success stories, attracting strong investor interest over the years. In 2021, the company closed an $83 million Series C funding round led by Dragoneer Investment Group, with participation from Tencent, 4DX Ventures, and Breyer Capital. The financing remains one of the largest ever raised by a South African fintech, underscoring Yoco’s position in the global investor landscape.
Expanding Beyond Payments
Armed with this capital, Yoco has broadened its product suite to serve the diverse needs of small and medium-sized enterprises. The company now offers online payments, point-of-sale solutions, and financial services that integrate seamlessly into the digital economy. At the same time, Yoco has invested in building an open commerce platform designed to connect entrepreneurs to a wider range of tools and opportunities.
Facing Rising Competition
South Africa’s payments industry has become increasingly competitive, with local rival iKhokha and international players entering the SME segment. Despite these pressures, Yoco has maintained a strong position thanks to its brand recognition, merchant-first approach, and first-mover advantage. The challenge for the new leadership team will be to defend this position while expanding into additional African markets.
A Founder’s Reflection
Reflecting on the journey, Maphai said his greatest pride lies not only in the company’s financial achievements but in sparking a broader movement around entrepreneurship. He highlighted the resilience and growth that defined Yoco’s evolution and celebrated the nearly 400 employees dedicated to empowering small businesses. He also expressed gratitude to merchants, partners, and the community for their trust and inspiration throughout the company’s first decade.
Looking Ahead
The leadership transition signals a new phase in Yoco’s mission to serve entrepreneurs and scale its operations across the continent. With Matshoba, Wattrus, and Wazen steering the company, Yoco will focus on deepening its role as a home for small businesses while exploring new opportunities for growth. Maphai’s continued involvement ensures strategic continuity, while fresh leadership energy positions Yoco for its next chapter.
As Yoco enters this new era, the company faces both opportunities and challenges in the rapidly evolving digital payments landscape. The transition underscores the importance of evolving leadership structures as startups mature from disruptors into established market leaders. For Yoco, the next decade will determine how far its vision of empowering entrepreneurs can extend across Africa’s digital economy.