South African Fintech platform Paymenow secures $14M debt facility to fund growth

South African earned wage access platform, Paymenow, has secured a ZAR250 million ($14 million) debt facility through Rand Merchant Bank (RMB), to support its growth.

The financial wellness platform, founded in 2019, enables employees to access a portion of their earned wages before the end of their payroll cycle, without the burden of costly loans. It also helps to build savings and enhance financial wellness.

Paymenow is currently servicing over 200,000 employees, with growth projections set to double over the next year. The startup aims to ease the burden inflicted by payday and microlenders through affordable, real-time, access to cash.

Paymenow is the first earned wage access provider to launch in Namibia and Zambia, with accelerating traction in both the private and public sectors. The startup plans to scale across additional strategic jurisdictions across Africa, including Lesotho, Ghana, and Kenya.

The ZAR250 million ($14 million) debt facility comes off the back of Paymenow’s growth in the retail, mining, security, cleaning, and facilities management industries.