Naspers invests R15m in earned wage access platform Floatpays

Naspers, throughout of it R1.4 billion technology investment vehicle Naspers Foundry, announced some R15 million ($1 million) investment within Floatpays, single platform for accessing wages earned at demand who helps customers strengthen their financial well-being.

Floatpays provides customers with real-time access toward one portion made from their earned still unpaid income next to some era of any month, providing them with one alternative up to using credit to overlay unexpected expenses.

Here is Naspers Foundry’s third fintech investment plus ninth transaction since its launch within 2019.

According in order to Naspers, Floatpays’ vision is for enable customers to achieve financial well-being via moving them from debt toward savings, via better access toward of them income, budgeting also financial awareness.

Him notes such Floatpays’ technology integrates with one company’s existing payroll system, allowing employees toward access single portion belonging to to them earned pay near anything point among any payroll cycle.

Floatpays, whatever was founded among 2019, helps customers reduce theirs dependence on debt, initiate saving also find out skills to better manage belonging to them money, the company explains.

He says the solution be able to reduce financial stress, helping employees avoid expensive credit, payday lenders, and borrowing from family alternatively friends when they need cash toward proceed on payday.

Naspers adds which Floatpays besides helps employers, allowing them in order to facilitate theirs employees boost theirs financial well-being.

Any Floatpays solution for employees is available on smartphones and functional phones via an application on iOS, Android either through USSD. Employees able access belonging to them withdrawals via Floatpays instant cash vouchers along with electronic funds transfers.

Employees may utilize their earned salary to buy necessities so as prepaid vouchers for mobile data, airtime, electricity nor medical care using any app alternatively USSD.

Phuthi Mahanyele-Dabengwa, Naspers CEO for South Africa, comments: “Ourselves are delighted toward invest plus support Floatpays amid belonging to it goal for aid folks avoid debt also provide support toward South Africans amid above difficult economic times. Financial inclusion is important up to we as entity aligns adequately with our goal from using technology to improve people’s daily lives plus our commitment to facilitate of us state towards economic recovery.

Fabian Whate, Director from Naspers Foundry, stated, “Access to on-demand earned wages is growing rapidly in certain fintech industry. Although nonetheless nascent inside South Africa, over there is significant potential for Floatpays, whichever focuses on serving any underbanked. Us are thrilled for partner with certain Floatpays team, what includes per proven track record amid tech start-ups, especially among fintech.

Simon Ward, Founder and CEO belonging to Floatpays, declared, “Our group welcome certain support along with partnership with Naspers Foundry that intend enable us to realize belonging to us vision of empowering South Africans in order to achieve financial well-being.

“Floatpays provides everyday citizens much-needed access up to funds as well as single growing range made from alternative financial services, fostering some more productive and healthier workforce with greater financial security.”

According up to Naspers, more compared with some quarter from customers sampled inside certain Wellness Warehouse case research conducted within 2021 mentioned they were able in order to avoid payday loans thanks for the Earned Wages Access platform.

Each equivalent examine reported that 88% out of users mentioned they were better off financially subsequent to using a platform, it concludes.