Floatpays Inc

On-demand wage access service built for the African market

Floatpays Inc is active in the fintech space based in Cape Town, WC, South Africa; Remote.

Profile

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.

Its activity falls under fintech; the profile below is assembled from public directory data.

The company is recorded as being based in Cape Town, WC, South Africa; Remote.

Its current recorded stage is Summer 2021.

Recorded headcount: 15 employees.

Website: www.floatpays.com