Local fintech firm Retail Capital has scooped silver at the Global SME Finance Awards for its innovative work which gives SMEs greater access to funding.
As you may be aware, access to funding in South Africa can be an uphill slog. Retail Capital allows SMEs – formal and informal – with a trading track record of just three months to apply for funding.
The solution is mobile friendly and payments are dispensed on the same-day.
“While it is agreed that access to funding is the most critical component of SME growth, it is also the most challenging to address and is why so many early-stage entrepreneurs battle to survive past two years in operation,” explains Retail Capital’s chief executive officer, Karl Westvig, pictured above.
“Through working with strategic partners, we’ve addressed this gap in the funding value chain by providing an entirely digitised solution to SMEs that is socially inclusive and removes barriers to entry. It is accessible anywhere, through a mobile phone, and offers instant approval on application and same-day pay-out, where there is no need for physical engagement,” adds the CEO.
To date, Retail Capital has helped 15 000 SMEs get access to financing and as much as R2.5 billion has been dispensed to SMEs.
Congratulations to Retail Capital for winning the award.