South African earned wage access platform Paymenow has raised a ZAR250 million (US$14 million) debt facility through Rand Merchant Bank (RMB) to help fund its growth. The Stellenbosch-based Paymenow was formed in 2019 and went live with its first customer in March 2020. A financial wellness platform, it allows employees to access a percentage of their accrued wages before the end of their payroll cycle, without the threat of costly loans, and carries the added benefit of building savings and improving financial wellness. The ZAR250 million (US$14 million) debt facility comes off the back of Paymenow’s growth in the retail, mining, security, cleaning and facilities management industries. The startup currently services over 200,000 employees, with growth projections planned to double in the next year.

Source: The North Africa Journal April 05, 2023 12:02 UTC