Announcement of the best funder for small businesses in SA
Merchant Capital named best SA small business funder in international fintech awards
The Fintech Awards, organized by Wealth & Finance for the fourth year in a row, recognize outstanding digital innovations and technology-driven business models in the fintech market.
Against a number of other nominated companies, Merchant Capital won the title in the financing category. Of the nominated companies, five competed in the small business finance subcategory.
Dov Girnun, Founder and CEO of Merchant Capital, explains that the award recognized the company’s innovative approach to providing financing solutions to South African SMEs.
“We are delighted to achieve global recognition for our business model and approach. Our founding principle was to support small businesses through good and bad times and to provide our customers with innovative solutions that evolve with the changing business environment. This principle was tested to its limits during the COVID pandemic, so receiving this award is a significant endorsement. “
Over the past seven years, the company has assisted more than 7,000 SMEs with working capital amounting to over R 1.5 billion.
The winners were chosen by an independent jury, who conducted independent merit-based research and reviewed information on a range of media. To move from nominee to category winner, winners had to demonstrate expertise in their field, dedication to customer service and a commitment to excellence and innovation.
Merchant Capital gives small businesses access to funds for their working capital in as little as 48 hours, with payouts based on a set percentage of future card sales, allowing flexibility during times of low turnover.
SMEs can then access additional capital once they have repaid 70% of the cash advance.
There are around 2.5 million SMEs in South Africa, which employ around 60% of the workforce. Their total economic output represents around 34% of South Africa’s GDP.
However, the financing gap for SMEs is at any given time between 86 and 346 billion rand.
Featured Image: (L to R) Daniel Moritz, Co-Founder and CFO_ Dov Girnun, Founder and CEO_ Ryan Cohen, Co-Founder and Director of Relations (provided)