We caught up with Deon Nobrega (Managing Director) and Bryan Habana (Head of Business Development) to chat about their finanial wellness platform Paymenow.
Tell us a bit about Paymenow…
Paymenow is a financial wellness platform that gives employees early access to a percentage of earned wages. A fintech company focusing on financial inclusion and resilience, we incentivise financial literacy through in-app gamification. Our service is free to employers, and looks to improve the lives of previously financially excluded citizens. Our goal is to change a vicious debt cycle into a savings mindset.
Why did you choose Cape Town and the Western Cape to headquarter your business?
Cape Town is definitely a fintech hub and a centre for entrepreneurs and start-ups. The access to VC’s and other accelerators is also very attractive. Admittedly, COVID and lockdown has taught us to work beyond geographic constraints, however we are still extremely fortunate to have Stellenbosch as our domicile.
How has/ will your business positively contribute to the economy or people of the Western Cape?
We have already attracted foreign investment through our grant funding round with the Catalyst Fund, backed financially by the Rockefeller Philanthropic Advisors. We have to date employed and contracted with over 20 individuals and entities mostly located in the Western Cape. As we look to expand, we will further encourage job creation as we scale our offering in both SADC and LatAm.
What is your secret to success?
Our success is definitely attributed to our founding team. The expertise that each stakeholder brings is best in market. We are very fortunate that our core fintech offering is built in-house with only support functions such as marketing, finance and legal, outsourced to industry experts. We are also very fortunate to have South African and Western Cape legend, Bryan Habana, at the helm of our Sales and Business Development team.
Find out more about Paymenow here.