In South Africa, the high unemployment rate and increase of SMMEs allowed FinTech companies to thrive.

For the longest time, the large banks underserve the SMME businesses.

It opened up a large population sector for alternative funders to enter the finance market for SMMEs.

The emergence of FinTech

Financial technology applies technology (like smartphones, websites, and apps) to provide innovative products. The option to be able to service clients in the finance sector by offering disruptive options for customers.

What do Fintech companies do?

FinTech simplifies financial transactions and provides products in more accessible and cheaper applications. FinTech companies use AI, automation, and technology to make it more affordable, scalable, and borderless.

Using blockchain technology to encrypt information makes online and mobile banking safer for small businesses.

What are the benefits of FinTech companies?

First off, they are most likely smaller businesses. The customer can get access to the directors and owners of the company. These businesses build a more personal relationship with day-to-day engagement.

Reduced costs based on the primary use of technology.  FinTech companies remove the human element. It can reduce errors, and turnaround time and allow customers to do more of the day-to-day work.

Customers can access their banking and finance options 24/7. It opens up far greater convenience for customers who do not keep office hours.

The fintech companies move faster and offer quicker approvals and turnaround times.

There is less need for regulation

To lend money to businesses is not a requirement. To lend money to consumers, a company would need to be an authorized financial service provider.

There is no stopping it now

The value of the current global FinTech market is $309.98 billion. There is no current end in sight and obviously there is still room for more Fintech’s to fund SMME’s

Bizcash is a proudly South African FinTech business that offers alternative funding options and solutions for SMME businesses.

Let us help your business grow.

Please speak to our team to find out more about supporting your business growth with alternative funding options.

Get in touch with us on 0861 93 93 93 or email us at info@bizcashscf.co.za or contact us here.

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