DURBAN – Sasfin has acquired a stake in fintech lender Payabill according to a media statement by the financial services group.
Payabill, a 100 percent digital lending business supplies working capital and/or trade finance to small businesses. According to the financial services group stimulates financing opportunities for customers.
Chief executive of Sasfin, Michael Sassoon said that Sasfin has been investing in fintechs, building digital capabilities and working with third parties with the goal of adding value to their business and wealth clients.
He added that Payabill has made strides in giving businesses to accesses to digital finance and they are thrilled to announce the investment.
Eli Michal, the Chief Executive of Payabill who launched the lender in 2017 said that they are incredibly excited by the opportunity to have Sasfin as an equity and debt partner.
According to Michal, Sasfin will provide access to new channels and much needed funding that allows Payabill to support the growth of small business finance in South Africa.
The fintech was started because Michal wanted to enhance access to finance for small businesses in South Africa.
Currently, Payabill offers loans of R150000 to businesses and the intention is that with the investment made by Sasfin, Payabill will be able to offer bigger loans to small businesses in the near future.
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