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Stellenbosch-based startup Paymenow raises $231k investment

Former springbok campaign Bryan Habana is a co-founder alongside Deon Nobrega

Paymenow

Paymenow received an R4 million ($231k) in seed investment from ViaMedia. The latter is a member of Digital Ecosystems Group, previously Blue Label Mobile.

The startup was founded in 2020 by Bryan Habana and Deon Nobrega to provide financial wellness and inclusion to users. The platform gives employees an advance to earned wages. The app relies on gamification to educate its users on financial wellness and inclusion. Working in coordination with employers in South Africa, the app helps cultivate savings rather than a debt cycle.

In a statement, Nobrega believes its product will help companies with their cashflow. They expect to reach an operational break-even point sometime this year. In the same statement, Habana championed their product as strategic for businesses as it helps with working capital and access to funding.

Bryan Habana is the head of business development at Paymenow Group and a co-founder at  Retroviral a digital agency. Nobrega also visited the United Kingdom to have a conversation about funding, It’s not clear whether this conversation was for a current or future seed round.

The duo revealed that the startup has witnessed significant traction in the last 3 months. DigiCo’s mobile’s financial services strategy seems is “well-served” according to Garth Mackintosh, VivaMedia CEO.

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