Paymenow Gets $22.5M Facility from Standard Bank for Africa Expansion
TLDR
- South African earned wage access startup Paymenow has clinched a ZAR400 million ($22.5 million) working capital facility from Standard Bank
- Founded in 2019, Paymenow provides employees with real-time access to earned wages, helping them avoid payday lenders and improve their financial wellness
- The Stellenbosch-based startup previously raised a ZAR250 million ($14 million) debt facility from Rand Merchant Bank in 2023
South African earned wage access startup Paymenow has clinched a ZAR400 million ($22.5 million) working capital facility from Standard Bank, positioning the company for aggressive expansion across Africa.
Founded in 2019, Paymenow provides employees with real-time access to earned wages, helping them avoid payday lenders and improve their financial wellness.
The Stellenbosch-based startup previously raised a ZAR250 million ($14 million) debt facility from Rand Merchant Bank in 2023.
With this latest backing, Paymenow will deepen its footprint in South Africa, Namibia, and Zambia, while eyeing untapped markets where predatory lending thrives due to poor access to formal financial services.
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Key Takeaways
Standard Bank is also boosting Paymenow’s capabilities with its PayShap real-time payment solution and access to the OneHub platform, enhancing the startup’s ability to process fast, seamless payments. CEO Deon Nobrega stated the funding highlights mainstream recognition of earned wage access (EWA) as a game-changing financial product. "This facility enables us to bring financial dignity to workers across Africa," he said. Paymenow's model, co-founded by Rugby World Cup champion Bryan Habana, aligns with rising employer demand for employee-centric benefits, especially in markets where the monthly pay cycle is mismatched with daily living expenses. With this funding, the startup is now poised to redefine payroll flexibility for Africa’s workforce.
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