wiGroup, the South African mobile transaction platform that secured investment from Virgin Group and Smollan in 2018 to fund global expansion, later merged with UK-based Yoyo in 2020 to form a combined international loyalty and payments company, a natural conclusion to the growth strategy that funding round set in motion.
What made wiGroup attractive to global investors
wiGroup built a mobile-based transaction platform integrated into over 75,000 till points across Africa, enabling mobile payments, loyalty and rewards for major hospitality and retail brands, technology that had already expanded into Amsterdam, London and Paris by the time it secured this funding. Backing from Virgin Group and international retail solutions provider Smollan was specifically aimed at accelerating that international expansion into new markets.
From funding round to a full merger
Two years after this investment, wiGroup merged with Yoyo to create a combined “payments and loyalty powerhouse” serving clients across the UK, Europe, Africa and Australasia under the Yoyo brand, meaning the South African-built technology and team became the foundation of a genuinely global loyalty and payments company rather than staying a standalone South African business. This progression, from local startup, to internationally-backed scale-up, to full merger into a global brand, is a common and successful path for fintech companies with genuinely exportable technology.
What this means for South African fintech founders
wiGroup’s trajectory shows that South African-built payments technology can become the technical backbone of an internationally recognised brand, even if the original company name doesn’t survive the process. For founders building fintech infrastructure rather than a consumer-facing brand, a strategic merger that scales the underlying technology globally can represent a more successful outcome than staying independent under the original name.
Frequently asked questions
What did wiGroup’s platform originally do?
It provided mobile-based payment, loyalty and rewards technology integrated into tens of thousands of till points across Africa and Europe.
Is wiGroup still operating under its original name?
No, it merged with UK-based Yoyo in 2020 to form a combined global loyalty and payments company operating under the Yoyo brand.
Why did Virgin Group and Smollan invest in wiGroup in 2018?
To help accelerate its expansion into new international markets, building on its existing presence in Europe.
Does a company disappearing after a merger mean it failed?
No, a strategic merger that scales the underlying technology into a larger global brand can represent a genuinely successful outcome.
What can South African fintech founders learn from wiGroup’s path?
That building genuinely exportable technology infrastructure can lead to becoming the backbone of an international brand, even without keeping the original name.
Originally published in January 2018. Updated September 2026.
Financial technology sector context via the South African Reserve Bank.
Further reading
Originally published in January 2018. Updated September 2026 to confirm wiGroup completed its planned international expansion by merging with UK-based Yoyo in 2020, closing out the growth story this 2018 investment set in motion.
