Africa-Press – Angola. South African fintech startup Paymenow has secured a working capital facility of ZAR400 million (approximately US$22.5 million) from Standard Bank, a move that will bolster the company’s efforts to expand its earned wage access (EWA) services across the African continent.
Founded in 2019 by Deon Nobrega and former Rugby World Cup winner Bryan Habana, Paymenow offers a platform that allows employees to access a portion of their earned wages ahead of payday—providing a more flexible and affordable alternative to high-interest payday loans.
This latest funding injection will power the company’s growth into new African markets, including Namibia and Zambia, where access to affordable financial solutions remains limited. Standard Bank’s involvement includes integration with its PayShap real-time payment system, along with access to the OneHub platform—enhancing Paymenow’s capacity to deliver seamless, rapid payments to its users.
In 2023, Paymenow secured a ZAR250 million (US$14 million) debt facility from Rand Merchant Bank. With this new round of funding, the company is doubling down on its mission to bring financial flexibility and dignity to millions of workers across Africa who are often burdened by rigid monthly pay cycles and forced to rely on costly credit to bridge financial gaps.
Today, Paymenow’s platform handles more than one million transactions per month, serving a growing user base of nearly 500,000 active users—a dramatic rise from the few hundred users at the time of its launch. The startup remains committed to combating predatory lending and fostering long-term financial wellness for workers throughout the continent.
This milestone highlights the increasing validation of earned wage access as a powerful and transformative financial product in Africa, with major financial institutions backing its continued growth and adoption.
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