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  • SA founder of Fintech platform Prodigy Finance announces over R3bn fundraise

    International fintech platform Prodigy Finance, which has developed the world’s first borderless credit model, today announced a R3.19-billion fundraise. The amount includes a R532-million Series-C equity round led by venture capital firm Index Ventures, with participation from Balderton Capital and AlphaCode; and a R2.66-billion debt facility led by a global investment bank. The company, which has 126 staff across offices in London, Cape Town, and New York, offers loans to postgraduate students accepted into business, engineering, law and public policy degrees at the world’s top universities, such as Harvard, Oxford, INSEAD and the University of Cape Town. Since it was established in 2007, the company has provided more than 7 100...

  • Tremendous innovation in sophisticated fintech payments in South Africa

    In 2016 $5.5-billion of venture capital investment went into payments startups. This represented 22% of global fintech investment activity. In South Africa, payments still dominate the fintech landscape. At AlphaCode, a club for fintech entrepreneurs, we are seeing a tremendous amount of innovation in payments as SA consumers seek new ways to transact. Due to SA’s sophisticated banking infrastructure, we possess strong skills in this sector and many AlphaCode entrepreneurs are finding better and more efficient ways to transact. Here below are some of the really innovative startups operating in the payments space that fulfil specific customer needs. Including the informal economy Due to...

  • New integrated payment, POS solution allows retailers to transact in 2 seconds

    The South African financial technology company that brought card-payment systems to smaller businesses as far back as 2008 has just announced a new integrated payment solution that will benefit franchise store owners, larger independent retailers and franchise owners. Sureswipe is SA’s first independent payment service provider to offer a fully integrated payment solution with acquiring services. Paul Kent, managing director of Sureswipe, says: “Our new Integrated Payments product has been developed for higher volume businesses that use a Point-of-Sale system. It reduces manual hours spent on reconciliations, makes customer payments quicker and safer, and cuts both costs and complexity. We have brought functionality...

  • Barclays Accelerator programme in full swing

    The 2017 Barclays Accelerator is in full swing at the Rise fintech innovation hub in Woodstock, Cape Town, with ten fintech companies on site, participating in a tried and tested start-up accelerator programme presented by Barclays Africa in conjunction with US-company Techstars. The 13-week programme sees startup fintech companies follow a growth acceleration curriculum designed by Techstars, which has supported more than 900 technology startups across 23 cities around the world. The experience is enhanced through the involvement of a network of local and global mentors, as well as Barclays Africa executives, who help shape participants’ business plans and development. The...

  • Barclays accelerator announces latest participants in African programme

    Barclays Africa Group and Techstars today released the names of 10 financial-technology (fintech) companies selected to participate in the second Barclays Accelerator programme, powered by Techstars. The successful companies, all focused on providing fintech solutions in Africa, will participate in a 13-week growth acceleration programme at Barclays Africa’s Rise fintech innovation hub in Cape Town from mid-May. The 2017 programme participants are: Flexpay (Kenya), Howler (South Africa), Spatialedge (South Africa), Abe.ai (USA), The Sun Exchange...

  • Peach Payments and Callpay announce EFT system partnership

    Peach Payments, a leading and one of Africa's fastest growing payment service providers and Callpay, an innovative provider of secure payment solutions announce collaboration to provide automated Electronic Fund Transfers (EFT) as well as secure telephonic payment acceptance solutions. The innovative products will enable millions of South Africans to make instant and secure payments when shopping online or during payment processes over the phone and via call centres. Through this exciting collaboration announced at the 3rd eCommerce Africa Conference, customers will now be able to pay online using their cheque, savings or credit card accounts. Merchants that sign up through...

  • EFTsecure allows merchants to accept more payments, faster than ever

    Callpay’s new EFTsecure allows merchants to accept a wider range of consumer payments leveraging the power of online banking. With only around six million credit card users in South-Africa in a population of 52-million people, EFTsecure provides merchants the opportunity to accept payments from any banking account type (not just credit card) resulting in an overall wider audience on checkout or account payments. "The exciting part about EFTsecure is that merchants instantly open their market to more than 20m online banking users in South-Africa by supporting all four major banks, including Capitec and Investec – providing more options for the...

  • Callpay, MyGate announce telephonic payments collaboration

    MyGate, one of Africa’s largest and fastest growing gateways, and Callpay, an innovative provider of secure payment solutions have collaborated to provide a payment solution that offers secure, telephonic payments in South Africa. Through this exciting collaboration, companies that require contact centre agents to accept card can now process these transactions through MyGate to the bank. Card payments are processed in a PCI compliant manner through their contact centre agents without the agent hearing or seeing any sensitive card data. At the point of payment, the agent simply delivers a virtual terminal directly to the customer’s mobile device. It can...

  • Judges announced for the IAB SA Bookmark Awards 2017

    The IAB SA has announced the list of judges that will decide which contenders will scoop a coveted Bookmark Award in 2017. The team of judges, led by Jury President John Dixon, features more diverse industry players than ever before. Josephine Buys, CEO of IAB SA says, "Our mid-year, judges workshop yielded valuable insights from the best in the business for judging the Bookmarks 2017. We have secured the time and talent of some of the brightest minds in digital and have expanded our pool of experts to include gamers, innovators and engineers.” Judges will now fall under the categories of...

  • Can brokers use robo-advice to their advantage?

    It seems every year there's a new development that threatens to make traditional financial advisers and insurance brokers obsolete. In the past few years it was the Retail Distribution Review (RDR) and the Protection of Personal Information Act (PoPI). So far, none have disrupted what some refer to as the 'dinosaur' of the traditional insurance industry. But a new foe has emerged in the form of robo-advice: automated algorithms and digital techniques to give consumers the advice and products they need sans advisor. Earlier this year, Lawrence Wintermeyer, Innovate Finance (the UK's fintech industry body) CEO, told Business Insider that robo-advice covers anything from execution right up to where a client has to sign...

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