On-demand Platform Floatpays Secures USD 1 Mn From Naspers

Floatpays, an on-demand earned wage access platform that helps customers build financial wellness received an R15 million (USD 1 Mn) investment from Naspers Foundry, a multinational holding company. Naspers made the investment through its R1.4 billion (USD 92.81 Mn) early-stage tech investment vehicle Naspers Foundry.

Floatpays provides customers with real-time access to a portion of their earned but not yet paid income at any time during the month, giving them an alternative to using credit to cover unplanned expenses. Its technology integrates with a company’s existing payroll system enabling employees to access a portion of their earned pay at any point during the pay cycle.