Happy Pay secures $1.8M in pre-seed funding to revolutionize BNPL services in South Africa
#HappyPay, an innovative #fintech company specializing in Buy Now, Pay Later (#BNPL) services, has successfully raised USD 1.8 million in a pre-seed funding round. This crucial investment marks a significant milestone for Happy Pay as it accelerates its mission to enhance the e-commerce landscape in South Africa.
Founded by Boitumelo Thulo, David Torr, Maps Maponyane, Wesley Billett, Happy Pay leverages AI-driven credit scoring to assess customer affordability in mere seconds. This technology not only simplifies the checkout experience for consumers but also boosts conversion rates and average basket sizes for merchants. By offering cost-free alternatives to high-interest credit, Happy Pay is making strides in promoting financial inclusion and supporting South African merchants in the competitive e-commerce sector.
The pre-seed funding round was led by prominent South African venture capital investors, including E4EAfrica and 4Di Capital, alongside strategic partners DotExe Ventures, Launch Africa Ventures, Equitable Ventures, Felix Strategic Investments, Gaingels from the US, and a group of local angel investors. Additionally, Fin Africa (formerly Finclusion Group) is playing a pivotal role in supporting Happy Pay's capital needs.
With this new funding, Happy Pay plans to launch a range of new products, enhance its marketing efforts, and expand its network of merchants. The company is also set to strategically grow its workforce, ensuring that it can scale efficiently to meet the evolving demands of both merchants and consumers in a rapidly changing digital economy.
The article on The Paypers in the first comment.