Floatpays Secures $1m Funding
The South African fintech startup is an on-demand technology platform that enables on-demand access to pay, seamless savings functionality and financial education to build employee financial wellness.
Floatpays has secured ZAR15 million (US$1 million) in funding from Naspers Foundry, topping up the US$4 million round it announced last month.
The startup recently that it had secured just under US$4 million in an oversubscribed seed funding round to help it expand across Africa, and it has now added another US$1 million from Naspers, which is one of the largest technology investors in the world, via its ZAR1.4 billion (US$96 million) Foundry fund launched in October 2018.
This is Naspers Foundry’s third fintech investment and its ninth transaction since its launch in 2019, with its portfolio including the likes of SweepSouth, Aerobotics, Food Supply Network, The Student Hub, WhereIsMyTransport, Ctrl and Naked Insurance.
Simon Ward, Floatpays founder and CEO said: “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. 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.”
Fabian Whate, head of Naspers Foundry, said : “While still nascent in South Africa, there is significant potential for Floatpays, which is focused on serving the under banked. We’re delighted to partner with the Floatpays teams, who have a proven track record of success in early-stage tech businesses, particularly in fintech,” he said.