• Apophia

Top FinTech Companies In South Africa

Fintech stands for financial technology. Fintech refers to financial technology companies requesting to advance and computerize the release and use of financial services.

Fintechs are utilized to aid companies, business owners, and regulars in good health administer their monetary operations, processes, and lives by utilizing specialized software and algorithms that are used on computers and, more so, smartphones.

Fintechs developed in South Africa just a few years ago, and no wonder most of them are still described as startups. Fintechs rose in South Africa because most of the population kept their money at hand and were not using banks; after this realization, Fintechs became a big deal as cheaper and faster means of how people could deposit and withdraw their money in the shortest period possible.

South Africa is one of the countries that has been so innovative in finding quicker digital solutions. Therefore, it found Fintechs to be one of the most relevant financial digital solutions regarding the demand for money by the population, financing businesses, and lending. Currently, Fintechs are regarded to be the best in Africa and the globe at large with the most funding and have had a huge impact on most countries.

The developing Fintechs in South Africa are currently more concerned about major banking functions; these are capital raisings, payments, deposits, lending, investment management, and market provisioning. However, some fintech is also looking at investment, asset, and wealth management; though this is still limited, for now, we hope that there will also be massive due to daily digital innovations in years to come.

1. Jumo

Jumo is one of the most growing full technology and stack for building and running financial services in South Africa, which uses advanced data science and machine learning to create the fastest and leanest financial services infrastructure. Jumo is the biggest fintech that provides banking services to South Africa’s population that doesn’t use banks through the jumo digital app. Since its founding, Jumo has expanded beyond the South African market and has spread out to other countries like Kenya.

It has also gone far beyond Africa and is now operating in the Asian Market. Initially, Jumo had a few employees, but now its employees go over and exceed 300 people. Services offered by Jumo include; savings, lending, credit, and insurance products. Jumo’s prospects are giving financial freedom to anyone with a cell phone and mobile wallet access an unprecedented financial choice; they hope that this will help millions of people develop, expand their ventures, and economic growth.

2. Yoco

South Africa’s Yoco ranked 230 on CB Insights’ list of companies that secured funds in the last 5 years. This is believed to