WHAT IS SMARTWAGE:
SmartWage is an African technology company that enables employers to offer their employees access to earned wages.
For the Employee: Access to earned wages.
For the Employer: Wage-access software.
THE SMARTWAGE VISION:
Our vision is to create a future where no one should have to wait to be paid.
THE SMARTWAGE MISSION:
Our mission is to eradicate the payday poverty cycle through access to earned wages and financial education.
South Africa’s most affordable and accessible wage-access software.
SmartWage enables employers to offer their employees access to their wages as they have earned them.
SmartWage removes the administrative burden, risk and bias of administering employee advances.
SmartWage educates employees on how to manage their finances responsibly.
The world is changing. The way employees are being paid is changing and we are at the forefront of that change.
80% of employees require unsecured loans to make ends meet because they have to wait to be paid. This problem has been magnified by the worst economic crisis in a century. The question we’re asking is why can’t we access our wages as we earn them?
We’re on a mission to eradicate the payday poverty cycle through access to earned wages and financial education. Our vision is to create a future where no one should have to wait to be paid.
WHAT ARE OUR USPs
Affordable: Our subscription model makes SmartWage the most affordable wage access software in South Africa.
Accessible: We are the most accessible wage access software offering access channels through USSD, WhatsApp, SMS, and Messenger.
Education: We offer a self-service financial education platform, ensuring education is at the heart of everything we do.
SmartWage was launched in February 2020 by 3 old school friends that shared a passion for tackling South Africa’s enormous consumer debt problem and a desire to make a lasting positive impact on the lives of thousands of people. Given the timing of its founding and in light of the Covid-19 pandemic, the company is fully remote and will likely remain so through 2020. The company launched its service in February 2020 with 5 pilot companies and has gained significant traction since then.
In June 2020, SmartWage raised R6 000 000 in a seed funding round led by FiTech Ventures, a Johannesburg-based investor focused on fintech for social impact and financial inclusion. The funds were raised to develop and scale SmartWage’s new technology system and drive rapid customer acquisition efforts throughout the rest of 2020 and into early 2021.