Euston-based startup Yoyo is set to launch the first pan-Asian mobile payments and loyalty app as part of an expected agreement with Malaysian budget airline AirAsia, to be announced next week, City A.M. understands.
Yoyo co-founders Alain Falys and Michael Rolph are in Singapore today with the Mayor of London Boris Johnson to showcase London’s financial technology sector and will then travel to Kuala Lumpur to finalise the deal with AirAsia.
The deal will see the airline reduce the number of cash payments on its flights for duty free and in-flight purchases and instead use mobile payments with Yoyo’s technology.
Yoyo runs a mobile payments app that also combines with an automatic loyalty point collection system for consumers and retailers.
The startup launched last year with $5m (£3.1m) of investment from Imperial Innovations Group, the technology investment group from Imperial College, Telefonica, Firestartr among others.
Yoyo was founded by Alain Falys, co-founder of e-invoicing business OB10, Dave Nicholson, co-founder of peer-to-peer lending platform Zopa and Michael Rolph, who worked at Paypal, Barclaycard and First Data.