5 companies revolutionising the FinTech space in South Africa

By Edlyn Cardoza

There is so much evolution happening worldwide, almost in every sector; this evolution has not left the financial industry behind. It’s moving along with it, and that is why we are seeing so many financial technology companies coming up, evolving day by day.

FinTech has undoubtedly been the disruptive force to hit the finance and banking sector. Particularly South Africa has witnessed a revolution in the banking and payments system. In 2022, we expect to see innovations from top FinTech players and emerging new ones.

Below are 5 companies revolutionising the FinTech space in South Africa

• Flutterwave

Flutterwave is on a mission to build payment infrastructure to connect Africa to the global economy.

They build technology, tools, and infrastructure for businesses and banks that want to provide a more seamless and secure payments experience for their customers. Founded in 2016 by a team of African finance and technology veterans from Standard Bank, PayPal, and Google Wallet, amongst others.

Flutterwave has grown to become one of the fastest-growing payments companies globally. Since its inception, Flutterwave has processed close to $2 billion in payments and 25 million transactions across over 33 African countries where it currently operates.

It has attracted significant investment from experienced FinTech investors such as Ycombinator Continuity Fund (investors in Stripe), Greycroft (investors in Braintree and Venmo), Greenvisor Capital, Omidyar Network, and Glynn Capital, amongst others.

• Jumo

JUMO is a financial technology company that partners with banks, MNOs, and other e-commerce players to deliver progressive financial choices to customers in emerging markets across Africa and Asia.

Two billion people worldwide have limited access to formal financial services such as borrowing and saving. Jumo has built a large-scale, multi-sided technology platform and designed progressive financial choices to reach them. They use their digital footprint to create a financial identity using only behavioural data.

Their customers are in emerging markets across Africa and Asia. Most of them are micro and small to medium enterprises that need instant access to finance to grow and invest. So far, they’ve served more than 10 million customers and disbursed over 40 million loans – and the numbers are rising daily.

• Opay

OPay is designed to make financial services more accessible to everyday customers –– whether it’s for the bills they have to pay or the transfer & withdrawal of money; OPay’s a platform that truly serves its users most conveniently.

OPay is a one-stop mobile-based platform for payment, transportation, food & grocery delivery, and other essential services in your everyday life. Millions of users rely on OPay every day to send and receive money, pay bills, and order food and groceries.

• Tala

Tala is a financial technology company on a mission to build a financial system that works for everyone. Their first product is a lending app that instantly underwrites and delivers credit to customers with little or no formal borrowing history.

Tala has disbursed over $1 billion to more than 4 million customers across East Africa, the Philippines, Mexico, and India who use Tala loans to start and expand small businesses, pay school fees and bills, and build more stable financial lives. Tala is backed by leading venture and impact investors, including RPS Ventures, GGV Capital, IVP, Revolution Growth, Lowercase Capital, Data Collective VC, ThomVest Ventures and PayPal Ventures. Tala is headquartered in Santa Monica, with Nairobi, Manila, Mexico City, and Bangalore offices.

• Yoco

Yoco is a growing African FinTech, enabling people to thrive through open commerce. Founded in 2015, Yoco now processes over US$2 billion annually, and we’re the payments provider for over 200 000 self-employed.

They are unlocking economic opportunities by building inclusive financial tools for the self-employed. They believe in a world where commerce is more accessible, possible, inclusive, and for everyone. They believe in increasing wealth locally and in the ripple effect that it can have on so many communities.

ALSO READ: Global FinTech Use Cases Report 2021