Mobile payment app Yoello gains FCA approval

Cardiff based fintech company Yoello has received authorisation from the FCA ahead of their 2020 launch.

The regulation will allow the mobile payments startup to offer a range of innovative services to local hospitality businesses under its first phase of development.

Yoello will be a first to market mobile payment solution that combines low-cost instant payments with a customer experience driven application. The platform will enable venues to offer table service and exclusive promotions to customers all through their smartphone.

The company was due to launch in March 2020 as a web based payment platform across a select few Cardiff based venues. Since Covid-19 social distancing measures have been put in place and hospitality businesses are now temporarily closed, Yoello has been working on ways to modify their platform to support the industry during lockdown which is currently facing significant financial stress and job loss.

Scott Waddington, NED at Yoello (Ex CEO S.A. Brains, Chairman TFW) commented: “The hospitality industry is traditionally fast-moving, however digital innovation often falls behind. With uncertainties around how hospitality businesses will operate after social distancing is relaxed, self-service mobile technology is at the forefront of necessary digital innovations for the industry.”

The company had predicted 2020 to be a pivotal year for mobile payments and with the likely behavioural shifts expected to follow on from the social impact of Covid-19, adoption of this technology is expected to accelerate. 

David Austin, COO at Yoello (Ex Director Julian Hodge Bank) says: “The UK is fast becoming a cashless society and a disruptive wave of banking and payments innovation from fintech new-comers, launching initiatives that will save UK SME’s billions every year. Yoello is in a great position, being one of the first to receive regulatory permissions to undertake the new payments facilitation schemes available to the UK. ”

To find out how Yoello can support your hospitality business, contact nic.biffen@yoello.com or visit www.yoello.com.