Paymenow, an earned wage entry and worker monetary wellness platform, has merged with Johannesburg fintech PayCurve, which focuses on debt help and monetary teaching.
“The combined business will operate under the Paymenow brand and creates South Africa’s first fully integrated employee financial wellness platform — helping workers move from short-term cash pressure and debt stress to long-term financial stability, resilience and savings, in a single platform,” says the corporate.
“The merger unites two fintechs built around a common belief: financial stress at work is solvable. At a time when millions of South Africans rely on expensive short-term credit between paydays, the combined platform gives employers a practical way to reduce workforce stress, while helping employees regain control of their finances.”
Founded in 2019 and headquartered in Stellenbosch, Paymenow serves greater than 750,000 workers throughout South Africa, Namibia, Zambia, and Pakistan. The platform provides workers entry to earned wages earlier than payday and consists of vouchers for important gadgets, financial savings instruments, and monetary schooling assets.
PayCurve was based in Johannesburg in 2020 and focuses on worker monetary wellbeing. The firm offers affordability assessments, debt rehabilitation instruments, financial savings options, and monetary teaching geared toward serving to workers handle debt and spending.
Deon Nobrega, Paymenow CEO and co-founder, says: “Millions of working South Africans face two realities at once: they run short of cash before payday, and they carry debt they cannot sustainably service. PayCurve has built a capability no one else in the market has — identifying financially vulnerable employees early and helping them recover. By bringing that into Paymenow, we can now guide an employee from their first wage advance all the way to becoming debt free and building savings.”
The mixed providing is positioned as a option to deal with worker monetary pressures, from month-end money circulation constraints to over-indebtedness. These points are cited as contributors to absenteeism, decrease productiveness, and workers turnover. Employers acquire entry to a single platform geared toward bettering workforce resilience, retention, and worker wellbeing.
Research carried out by 60 Decibels throughout Paymenow’s consumer base over the previous three years discovered that 94% of customers reported an improved high quality of life, whereas 75% stated they not relied on payday lenders.
Tamir Sacks, PayCurve co-founder and CEO, says: “Earned wage access is powerful, but it works best when combined with savings, education and debt recovery support. The missing piece in the market has been proactive debt intervention. Joining Paymenow means we can now scale that mission nationally and help transform employee wellbeing across South Africa.”
Existing purchasers and workers of each companies will proceed to obtain uninterrupted service throughout integration. Users will now begin to acquire entry to a broader suite of instruments powered by the mixed companies’ expertise, analytics and product capabilities.
The merger brings the mixed workforce to almost 100 workers, increasing management, product growth, and operational capability as competitors will increase amongst payroll suppliers, banks, and fintech corporations. The mixed Paymenow enterprise focuses on earned wage entry, affordability, measurable outcomes, and employer partnerships.