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.
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.
South Africa’s Yoco ranked 230 on CB Insights’ list of companies that secured funds in the last 5 years. This is believed to be a big competitor of Jumo, ranked as the largest in 2018 in South Africa. Its mission is “building tools and services to help small businesses get paid, run their businesses better and grow. We believe that by opening up more possibilities for entrepreneurs to be successful, we can help create more jobs, enable people to thrive, and help to drive our economy forward.”
Yoco is focused on making card payment processes easier to help small businesses get paid, run the business better, and grow it. Currently, Yoco supports over 70000 small businesses irrespective of the business's size and nature; this has helped create economic inclusion and equity for all business start-ups. Yoco was founded in 2015, got good funding in 2017, which has facilitated its growth. Currently, it employs over 150 people while serving over 95000 merchants; this really shows that they have good plans for small businesses now and in the future to come. Their headquarters are in Cape Town but with offices in Johannesburg, Durban and Pretoria.
3. The Sun Exchange
This is a start-up that aims at providing solar power at the cheapest rates around the globe. Its services are not limited to homes, organizations, schools, small and medium businesses, large ventures, hospitals, and factories. Solar power doesn’t require a monthly subscription or daily. It’s a buy-once-and-use forever product. It is a natural and underutilized product that doesn’t require you to subscribe to payments; additionally, solar is pollution-free.
The Sun exchange’s mission is “connecting the world to the sun.” This is based in Cape Town; the startup leverages Blockchain technology and makes it available for individuals to purchase solar cells in solar projects. The sun exchange was established in 2014, and by the end of the year, they established business through a $35000 crowdfunding campaign, and by May 2019, it completed its 10th solar power plant.
4. Retail Capital
This is one of South Africa’s pioneers that offers to fund to small and medium enterprises; their access to funds is just a 48-hour thing. For the last 10 years, they have consistently provided business loans in funding and asset finance. Retail capital is a secure, flexible, supportive, and trusted funding for small businesses.
You can apply online to have access to funding or make an appointment and have your funds delivered in 48 hours. Their funding cuts across several businesses in different industries; ecommerce and online shopping, medical, health, wellness, manufacturing, automotive, home office suppliers, restaurant, and hospitality. According to their CEO, business is the lifeblood of the economy. Small and medium businesses are the growth engine for the future, employing the most people and growing faster than large businesses. They must have the resources and the skills to grow. At retail capital, we partner to provide funding and support services to benefit South Africa.
This is a South African virtual bank fully owned by blacks and is a privately controlled investment company located in Johannesburg, South Africa, with over 250 employees. Their total funding is about and over ZAR950M.
This was founded in 2012 by Coen Jonker, Rolf Eichweber, Tjaart Van der Waalt. It is an exclusive digital bank that aims at providing every South African accessible and affordable banking so that they can take part in, grow and benefit from the country’s economy. For further details, you can visit their website; www.tymebank.co.za/
6. Wealth Migrate
Envisioned at making Global real estate investing as simple as a finger swipe, Wealth Migrate is owned by the Global wealth group. Their two other brands are; Wealth movement and Wealth university. Wealth movement is a gathering of friends, family, and followers worldwide to learn about the latest in FinTech, wealth, blockchain, cryptocurrencies, and other exponential technologies thatare democratizing access to wealth for everyone. In contrast, wealth university is an e-learning platform for those who want their wealth knowledge to take off.
Test your wealth IQ and challenge friends and family to find out theirs. Acquire thinking, secrets, habits, and proven success strategies used by the world’s wealthiest investors. These have won several global awards for their innovative practices. Several members from over 133 countries invest in residential and commercial real estate safely and.
This is the championing pioneer fintech platform that connects financial service providers and fast-moving consumer goods companies to retail micro, small and medium enterprises and helping informal markets thrive in Africa. Nomanini supports world-class banking and supply chain financing in cash first markets.
Furthermore, it supports the development and deployment of business banking products for informal retail merchants. Nomanini connects merchants and distributors and global service providers, integrating payments, working capital, and data analytics to unlock Africa’s economy's latest potential. They have a team of dedicated people aiming at using technology to promote unity, provide equal access to services, and empower informal entrepreneurs.
8. Naked Insurance
They offer car insurance services that are within your means. To join their team is free of charge. Their car insurance services cover accidents, theft and hijacking, weather, damage to others, and fire.
Their insurance covers up to the typical selling price of a car, offers full-time road assistance if you are stuck, and can provide other drivers. There is a provision for third party insurance from R50pm that is for those who are not interested in doing a comprehensive car cover.
These do the best, fast and easy financing for your micro, small, and medium-sized business. Access to their funds is easy and can be done within 24 hours using the latest technology; their decisions are based on your business performance. To have access to their funds, you apply online to provide a few details about you and your business, and their approval takes minutes. Their business funding ranges from R20, 000 to R2, 000,000 and their payments can be made in installments in about 6 months. Trevor Gosling and Neil Welman founded Lulalend.
This a financial technology company and a digital bank that has brought financial innovation; founded in 2011, based in South Africa with operations in about 11 countries in Africa, Luxembourg, and Australia. MyBucks offers financial services and products through financial technology, enterprise and architecture, client management systems, and internationally recognized artificial intelligence. MyBucks include; loans, unsecured credit, banking solutions, direct financing, and insurance products. This has various brands that offer the same services, for example, GetBucks, GetSure, MBC, New Finance Bank, Fair Go Finance, and Opportunity bank.
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