Local fintech FloatPays has been on a steep upward trajectory of late, having announced $4 million in oversubscribed seed funding in January. Fresh off of that notable announcement, the on-demand wage access platform has received further investment from Naspers Foundry.
R15 million to be precise, with the early stage investment vehicle of Naspers adding to its portfolio of SA-focused technology startups, which currently totals nine.
“We’re excited to invest in and support Floatpays in its aim to help people avoid debt and provide support to South Africans during these challenging economic times. Financial inclusion is important to us, being well-aligned with our purpose of using technology to improve people’s everyday lives, and our commitment to help our country towards economic recovery,” noted Phuthi Mahanyele-Dabengwa, South Africa CEO of Naspers, regarding the investment.
While the amount of the investment is significant, the company behind is perhaps more crucial, as a co-sign by Naspers often leads to better opportunities down the line.
As such, it will be interesting to see what irons FloatPays has in the fire following this latest announcement.
One of the first steps will likely be to integrate its platform with more companies’ payroll systems, along with expanding its reach outside of South Africa in the coming months.
With Naked Insurance being one of the aforementioned nine SA tech startups within the Naspers Foundry portfolio, perhaps growing to that level is the next goal for FloatPays?
“We welcome the support of and partnership with Naspers Foundry that will enable us to fulfil our vision of enabling South Africans to achieve financial well-being,” said Simon Ward, founder and CEO of Floatpays.
“Floatpays provides much-needed access to funds to ordinary people and a growing suite of other financial services, fostering a more productive and healthier workforce with greater financial security,” he concluded enthusiastically.
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