Katlego Maphai exits Yoco after a decade as South African fintech appoints European banker as its first outside CEO

South African payments fintech Yoco has appointed Carsten Höltkemeyer as its chief executive officer, effective June 1, 2026, ending a nine-month transition that followed the departure of co-founder and longtime CEO Katlego Maphai.

The appointment marks the first time in Yoco's 11-year history that an outside executive has led the company. Maphai, who co-founded Yoco in 2015 alongside Carl Wazen, Lungisa Matshoba and Bradley Wattrus, stepped down in September 2025 after a decade at the helm of one of Africa's most closely watched fintech companies.

Under Maphai's leadership, Yoco grew from a card machine startup into a full-service financial platform serving more than 200,000 small businesses across South Africa. The company raised more than $107 million in total funding, with a $83 million Series C in 2021 led by Dragoneer Investment Group, and expanded its product suite to include point-of-sale software, online payments and working capital products. Its most recent estimated valuation stands at approximately $700 million. Maphai, who previously worked at Rocket Internet helping set up Jumia in Nigeria, described the decade as "full of ups and downs" but said he was proud of building a brand small business owners trust.

Höltkemeyer brings a career built across investment banking, retail finance and card payments infrastructure. He spent a decade as market CEO of Barclaycard Germany before taking senior roles at Nets Group and Concardis. Most recently, he served as CEO of Berlin-based embedded finance group Solaris from late 2022 to the end of 2025, steering it through a difficult turnaround during which the company pioneered Banking-as-a-Service infrastructure across Europe.

Yoco said Höltkemeyer was selected after a global search process and will commute to South Africa from June 1, before relocating fully in September 2026. The company said he was attracted by both the scale of the opportunity and Yoco's focus on supporting independent businesses.

With Höltkemeyer's arrival, the founding team reverts to functional roles. Matshoba returns as chief product and technology officer, Wattrus as chief financial officer, and Wazen remains chief business officer. Maphai will remain engaged on strategy.

In a statement, the four co-founders said the decision was unanimous. Maphai described it as "a considered decision, made by all four of us," adding that the founders were "united" in their belief that Höltkemeyer was the right person to lead Yoco through its next phase.