South Africa’s fintech Floatpays closed a seed round of $4 million and plans to expand its offerings across the continent. Floatpays’ tech platform allows for on-demand pay and savings, as well as financial education to help employees achieve financial wellness. Base Capital, Global Founders Capital and Raba Partnership were among the investors who participated in the seed round. Finca Ventures and 4DX Ventures were also involved. The seed round was attended by Olugbenga Agboola, Shaun Hurwitz and Youcef Oudjidan who were among the top angel investors.
Floatpays saw a 43% increase in its employer base and a 70% increase in users. Simon Ward, the founder of Floatpays, stated to ITweb that the startup plans to use the funds for expansion in Africa. They will also accelerate the development and enhancement of their existing product, such as the interest-bearing savings accounts directly linked to employee pay-cheques.