Floatpays Analysis: $4M Raised
What is Floatpays?
Floatpays provides an employee benefits platform focused on financial wellness, offering services like automated savings, earned wage access, and pension-backed home loans to empower employees.
Employees
15
Founded
2019
Revenue
<$5 Million
Company Stage
Seed
YC Batch
S21
Product Features & Capabilities
- Automated savings, Earned wage access, Pension-backed home loans, Employee rewards, Financial wellness tools, Employee communication platform
How much Floatpays raised
Funding Round - $4 million
January 25, 2022Lead Investor: Not specified in the sources.
Who are the founders of Floatpays
SW
Simon Ward
Founder
Company Pricing
- Employees pay a small once-off transaction fee for cash withdrawals (EFT & Instant Money Vouchers), which includes a flat fee plus a percentage of the amount withdrawn.
- A once-off fee of R10.00 applies when employees cash out their savings on the payout date (2024 pricing).
- There is zero cost
Investors
- Naspers Foundry: Floatpays raised $1 million from Naspers Foundry.
- Seed Investors: Floatpays secured approximately $4 million in an oversubscribed seed funding round to support its expansion across Africa.
