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On-demand wage access service built for the African market
Floatpays is an on-demand wage access platform that helps employees access, spend, save and manage their money. The problem we are solving is that more than 75% of the 12 million employed South African’s run out of money before the end of the month, 52% of those end up borrowing money to survive. Informal lending is the only option for most borrowers, with interest rates anywhere between 30-50%. The story is the same in most African countries where payday/micro-lending has become the norm amongst lower-income earners. Our app features include financial education, a budget planning tool, cash access, and voucher purchases all from wages earned but unpaid. We are currently working on a savings product to promote long-term financial resilience. We launched our product in South Africa in July 2020 and plan to extend our reach into additional African countries in 2022 and beyond.
Floatpays offers an employee benefits platform in South Africa that combines automated savings, earned wage access, pension-backed home loans, rewards, communications, and financial wellness tools. The service is designed to be implemented with payroll integration and aimed at reducing financial stress for employees at no cost to the employer.
A unified platform that integrates with payroll to deliver multiple financial wellness services: automated monthly savings, earned wage access, pension-backed home loans, employee rewards, an employee communications module, and financial wellness tools. The implementation emphasizes rapid rollout with dedicated onboarding, training, and ongoing support, aiming for a quick go-live and single-source management of benefits.
Who it’s for: Employers in South Africa seeking to enhance their employee value proposition through financial wellness benefits and payroll-integrated solutions.
Hiring/traction mentions not explicit; has regulatory accreditations and active sales/demo requests indicating traction in market
I am a passionate technologist and product builder. I get my energy from building products that disrupt existing markets and make a positive impact on how we live our lives. My experience includes 25 years as an entrepreneur and business leader in the fintech and eCommerce business verticals. I have worked globally and been fortunate enough to be part of a few business exits along the way. Brands include Play.com, Rakuten, Moonpig.com, Photobox.com, Prodigy Finance and most recently Floatpays.
A mobile app. It allows employees to get paid their salary on-demand.
Eazipay powers effortless payroll and financial access in Africa.
