Chicago-based private credit manager Victory Park Capital Advisors has provided a $100 million credit facility to Yoco Technologies, the South African payments company backed by TPG. The funding allows Yoco to bring lending in-house for the small businesses that use its card terminals. Yoco will provide finance and cash advances to merchants ranging from 2,000 rand to 1.5 million rand.
The facility follows Yoco's prior disbursement of 6.5 billion rand ($394 million) to merchants through third-party partners. Victory Park, which oversees about $3.6 billion and has invested over $12 billion across 260 deals since 2007, sees the deal as strategic. "The deal will for the first time give Yoco direct control over the financing needs for our merchants at scale and in-house," Chief Executive Carsten Höltkemeyer told Bloomberg.
Source: PE Insights · Summarized by HeadlinesBriefing