Launch of a new South African fintech start-up

A new South African fintech startup, Payment curve, aims to provide an early access solution to wages and improve the financial well-being of users for employees and employers.

Functioning as an early access ethical salary solution, PayCurve provides an innovative service to locals

Launched in June 2020 in the wake of the Covid-19 pandemic, the top priority of PayCurve’s fintech solution is ethics. It leverages fintech to give employees financial freedom without adding to their debt load.

Founded by a team of Johannesburg-based entrepreneurs, PayCurve aims to help employees achieve financial well-being.

Tamir Sacks, CEO of PayCurve, says his interest in payroll access solutions was piqued after reading a Harvard University article that highlighted the benefits of fintech liquidity solutions for employers and staff.

“It became very clear towards the end of 2019 that this simple but new concept had the potential to change the way South Africans support each other throughout the month, simply by allowing a commitment with their end-of-month wages. “

Coming from a consumer-focused lending background, Sacks immediately recognized the potential this early payday access model could have in a local context. In South Africa, the use of short-term credit is the norm as most employees have to wait up to 30 days for the next pay cycle.

Sacks adds that an early paycheck solution like PayCurve is a necessity for most South Africans who live paycheck to paycheck every month. With the possibility of unforeseen expenses occurring during the month, PayCurve offers a simple solution for residents.

“They often look to other emergency credit products like payday loans and short-term credit. As such, South Africa is clamoring for alternative and affordable credit solutions, and we believe PayCurve offers this financial lifeline. “

How it works

For businesses, employees can create their account with PayCurve. Access to the platform offers users the opportunity to get their earned salary throughout the month.

Sacks explains that the platform ensures that the service is delivered ethically and that multiple data points are considered when calculating the amount of money available to a specific employee.

“We have designed a solution that includes a variety of guarantees to ensure that our payday access is delivered in a responsible and ethical manner. “

This additional measure prevents users from going overboard and maintaining their budget.

PayCurve also offers additional support in the form of financial literacy classes, monthly budgeting tools, and, if needed, debt consolidation for employees requiring additional financial intervention.

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Featured Image: Tamir Sacks, CEO of PayCurve (provided)

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