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Founded Year

2019

Stage

Line of Credit | Alive

Total Raised

$15.21M

Last Raised

$14M | 1 yr ago

About Paymenow

Paymenow is a financial wellness and inclusion platform that allows employees early access to already-earned wages. The company helps employees with cash-out, learning, and managing finances. The company was founded in 2019 and is based in Stellenbosch, South Africa.

Headquarters Location

1 Devon Valley Road The Vineyard, Block B2, 2nd Floor

Stellenbosch, 7600,

South Africa

21 891 1201

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Paymenow's Products & Differentiators

    Cash advance

    Allows users to request and receive part of their earned wages in cash to their bank account where their salary gets paid.

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Expert Collections containing Paymenow

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Paymenow is included in 2 Expert Collections, including Store tech (In-store retail tech).

S

Store tech (In-store retail tech)

387 items

D

Digital Lending

2,187 items

This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.

Latest Paymenow News

Paymenow, a South African startup that provides access to earned wages, receives a $14 million debt facility

Apr 14, 2023

Paymenow, a South African earned income access platform, received a ZAR250 million (US$14 million) loan facility through Rand Merchant Bank (RMB) to support its expansion. The Stellenbosch-based Paymenow was established in 2019 and signed up its first client in March of the following year. Paymenow, a company founded by Deon Nobrega, Bryan Habana (a Rugby World Cup winner in charge of business development), Willem van Zyl (in charge of technology), Gerry Potgieter (in charge of software development), and founding investor Garth Mackintosh, seeks to lessen the burden caused by payday and microlenders by providing affordable, immediate access to cash. The Paymenow debt facility, valued at ZAR250 million ($14 million), is a result of the company’s expansion in the retail, mining, security, cleaning, and facilities management sectors. “There is tremendous demand for Paymenow’s services in South Africa, which has 25 million active credit customers, of whom more than 10 million are behind on their payments. As such, the population of people looking for access to liquidity is enormous, and our ability to provide this liquidity without compromising financial health is having a remarkable positive impact,” said Nobrega. “Access to funding, such as through the agreement with RMB, is a gratifying acknowledgment of the strength of our model, and a key enabler of our future growth.” With rapid traction in both the commercial and governmental sectors, Paymenow is the first earned wage access provider that has launched in Namibia and Zambia. The company plans to scale across additional critical jurisdictions across Africa, including Lesotho, Ghana, and Kenya. With growth forecasts set to double in the following year, the business presently provides services to over 200,000 employees. Read more on Tech Gist Africa:

Paymenow Frequently Asked Questions (FAQ)

  • When was Paymenow founded?

    Paymenow was founded in 2019.

  • Where is Paymenow's headquarters?

    Paymenow's headquarters is located at 1 Devon Valley Road, Stellenbosch.

  • What is Paymenow's latest funding round?

    Paymenow's latest funding round is Line of Credit.

  • How much did Paymenow raise?

    Paymenow raised a total of $15.21M.

  • Who are the investors of Paymenow?

    Investors of Paymenow include Rand Merchant Bank, World Summit Awards, Catalyst Fund and ViaMedia.

  • Who are Paymenow's competitors?

    Competitors of Paymenow include Floatpays and 8 more.

  • What products does Paymenow offer?

    Paymenow's products include Cash advance and 4 more.

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Compare Paymenow to Competitors

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DailyPay

DailyPay provides a payroll management platform. It offers services to employees for paying bills on time and avoiding late fees, helping them reach financial goals. The company allows employees access to manage wages across a wide range of industries, including cleaning, healthcare, retail, transportation, and more. It was formally known as Beach HoldCo. It was founded in 2015 and is based in New York, New York.

PayActiv Logo
PayActiv

PayActiv provides a financial wellness platform. The company offers a suite of services that include banking products, savings and budgeting tools, bill payments, and financial health measurements. It was founded in 2012 and is based in San Jose, California.

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EarnIn

EarnIn operates as a financial technology company. It provides a platform that lets customers get paid for their working hours, without charging any interest on the payments that clients receive. The company was formerly as ActiveHours. It was founded in 2012 and is based in Palo Alto, California.

Branch Logo
Branch

Branch operates as a business payment acceleration company. It offers digital payouts of tips, wages, and off-cycle payments, earned wage access, fee-free banking, and pay card alternatives. The company was founded in 2015 and is based in Golden Valley, Minnesota.

I
Immediate

Immediate is a financial wellness company. It provides financial wellness solutions that helps businesses to recruit, engage, and retain employees. It allows mployees to utilize their existing time through a time tracking management software that updates worked and wages earned and allows them to transfer those earnings to a bank account or loadable debit card. The company was founded in 2019 and is based in Birmingham, Alabama.

ZayZoon Logo
ZayZoon

ZayZoon provides wages-on-demand and employee financial payroll solutions. It offers customers access to wages on-demand through integration with payroll partners, giving employees control over their paychecks, reducing financial stress, and eliminating the need to take on unnecessary debt. The company was founded in 2014 and is based in Calgary, Canada.

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