Fintech Krowdbox opens online payment platform to aid offline payment of SMMEs In South Africa
Cape Town fintech startup Krowdbox has launched an innovative payment platform that aims to facilitate online payments for offline businesses in South Africa.
Krowdbox
Founded in 2019 by entrepreneur Adebiyi Fajemisin, Krowdbox’s platform officially launched in December 2020, making the new-kid-on-the-block in the fintech landscape and an innovative disruptor.
In an interview with Ventureburn, Fajemisin provides insight into what led to the creation of the new fintech startup.
“Given my experience, I realised there was a massive gap in the African market when it comes to payment options and payment technology development particularly for small businesses, many of whom are still operating offline with little or no capital for technology investments. Starting Krowdbox and creating a variety of relevant solutions was a way to make a difference by offering new insights and products that can hopefully create change and disrupt existing payment models.”
The fintech startup aims to promote the use of online payments specifically for small businesses, enabling SMMEs to grow their revenue and increase their customer base and overall contribute to the local economy.
As a completely bootstrapped startup, Krowdbox shared with Ventureburn that it plans to raise its first round of funding this year.
Read also: Sparkle Partners with Network International to Strengthen payment card offering
The platform
The fintech platform enables local startups and SMEs to manage, receive and track online payments from their customers.
The offering has been specifically designed to cater to local businesses that are considered ”offline” and have no website or that do not utilise social media to facilitate their business.
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How does it work?
Registered users are able to use the easily accessible app to send payment links to their customers to make payments online. In an effort to simplify the process for offline businesses, the payment links sent to customers cover a range of payment types from invoice payments, product payments, or even generic payments.
According to the fintech startup, customers are directed to a secure payment platform via the app where they are able to make a payment using either their bank cards, instant EFT, or MasterPass. Business owners are able to track payments made by customers in real-time via the app with instant notifications and payments settled into their bank account within 24-48 hours.
Fajemisin explains why Krowdbox is a unique fintech startup.
“The idea behind our platform is to provide the right tools to startups and SMEs who want to develop and build their businesses online as the world moves into a more technology-driven economy. We have made our platform hassle-free and ‘simple-to-start’ as it does not require any upfront costs or technical developments, making it easy for any SME to get started. Furthermore, there are no monthly fees charged and our fee structure is based on a ‘pay-as-you-transact’ model where the business only pays a percentage of amounts processed through the platform.”
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