Floatpays Inc
On-demand wage access service built for the African market
About
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 Inc is a Y Combinator company (Summer 2021). YC-listed status: Active.
- Website
- floatpays.com
- Location
- Cape Town, WC, South Africa; Remote
- Added via
- web
- Ownership
- unclaimed
Where to go
Products
- Floatpays — Employee financial wellness platform for African markets with earned wage access, automated savings, pension-backed home loans, and rewards. · Saas · Enterprise
Links
- Y Combinator profileycombinator