Tech in Africa
South Africa fintech Floatpays has closed a $4 million seed round, and is looking to expand its offering across the continent. Floatpays’ tech platform enables on-demand access to pay, savings functionality and offers financial education in building employee financial wellness. Investors that took part in the oversubscribed seed round were Base Capital, Global Founders Capital, Raba Partnership, Finca Ventures, and 4DX Ventures. Top angel investors participating in the seed round were Alan Rutledge, Shaun Hurwitz, Youcef Oudjidan, and Olugbenga Agboola.
Floatpays has recorded a 43% growth of its employer base and 70% overall user growth. In comments shared by Simon Ward (Founder) to ITweb, the startup will use the funds to expand across Africa. In addition, they will accelerate the development of additional features completing their existing product such as the interest-bearing savings account directly linked to employee pay-cheques.
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