Floatpays Inc logo

Floatpays IncOn-demand wage access service built for the African market

Floatpays is an on-demand wage access platform that helps employees access, spend, save and manage their money. The problem we are solving is that more than 75% of the 12 million employed South African’s run out of money before the end of the month, 52% of those end up borrowing money to survive. Informal lending is the only option for most borrowers, with interest rates anywhere between 30-50%. The story is the same in most African countries where payday/micro-lending has become the norm amongst lower-income earners. Our app features include financial education, a budget planning tool, cash access, and voucher purchases all from wages earned but unpaid. We are currently working on a savings product to promote long-term financial resilience. We launched our product in South Africa in July 2020 and plan to extend our reach into additional African countries in 2022 and beyond.

2021-06-23
Active
Early
S21
15
Fintech
South AfricaAfricaRemoteFully Remote
Floatpays Inc screenshot
More About Floatpays Inc

Floatpays - Unlock the Power of Financial Wellness at Work

Introduction

Floatpays is an innovative employee benefit designed to enhance financial wellness in the workplace. By providing on-demand earned wage access, paycheck-linked savings, financial education, and practical tools, Floatpays helps employees manage their personal finances more effectively.

Key Features

  • On-Demand Earned Wage Access: Employees can access earned-but-unpaid wages, reducing reliance on payday lenders.
  • Paycheck-Linked Savings: An interest-bearing savings account linked to paychecks encourages savings discipline.
  • Financial Education: Comprehensive financial education resources to improve financial habits and money management.
  • Budgeting Tools: Free tools to help employees create and stick to a budget.

Use Cases

  • Reduce Financial Stress: Help employees manage their finances better, reducing absenteeism and presenteeism.
  • Boost Productivity: Financially secure employees are more engaged and productive.
  • Attract and Retain Talent: Offering financial wellness benefits can make your organization more attractive to top talent.
  • Decrease Business Risk: Lower error rates and improve overall business performance by reducing employees' financial stress.

Pricing

Floatpays offers flexible pricing plans tailored to the needs of different organizations. Contact us to request a demo and get a customized quote.

Teams

Floatpays is designed to support teams at all levels within an organization. By offering financial wellness benefits, you can enhance your employee value proposition and create a more engaged, productive workforce.