Stellenbosch-based fintech startup Paymenow has raised a ZAR4 million (US$230,000) seed funding spherical to assist it scale each domestically and throughout Africa and Latin America.
Paymenow has developed a monetary wellness and inclusion platform that enables workers accountable early entry to already-earned wages by means of a cellular app.
The startup makes use of gamification to advertise accountable monetary behaviour and encourage saving, and goals to ease the burden inflicted by payday and micro lenders by means of reasonably priced, real-time, entry to cash.
To be able to assist it develop, Paymenow has concluded an preliminary fairness funding spherical with ViaMedia – a part of the Digital Ecosystems Group – for a ZAR4 million (US$230,000) fairness stake. Managing director and co-founder Deon Nobrega mentioned the spherical would result in operational cash stream within the short-term, whereas Paymenow goals to achieve operational break-even by the top of the fiscal yr.
“Our business model and product, which entails a fully integrated business to business to consumer tech platform, has passed minimum viable product status and is ready to scale,” he mentioned.
Paymenow co-founder and enterprise growth head – and former South African rugby worldwide – Bryan Habana mentioned Digital Ecosystems Group brings a strategic partnership from a enterprise enablement perspective in addition to entry to funding and dealing capital.
“ViaMedia and the Digital Ecosystems Group will enable us to draw down on a wealth of product and operational expertise as well as access to a funding book that will allow our business model to scale locally as well as to the rest of Africa and Latin America,” he mentioned.
Joint Digital Ecosystems and ViaMedia chief government officer (CEO) Garth Waterproof coat mentioned Paymenow additional enabled and accelerated his firm’s cellular monetary providers technique.
“We are excited to welcome Paymenow to ViaMedia, and more broadly, to our stable of ICT companies. We see fantastic growth prospects and complementary product offerings and clients across many of our group companies,” he mentioned.