South African fintech company Paymenow is charting a bold new course in financial wellness after securing a R400 million ($22.4 million) working capital facility from Standard Bank Group. The funding, structured under a sustainable finance framework, marks a significant milestone not just for the Stellenbosch-based startup, but for the broader earned wage access (EWA) movement across the continent.
Founded in 2019 and officially launched in 2020, Paymenow has steadily built its presence in South Africa, Namibia, and Zambia, offering employees a lifeline between paydays. With the fresh capital, the company is now poised to accelerate its expansion into other African markets, bringing its alternative to predatory lending and informal borrowing to a wider audience.
EWA platforms like Paymenow allow workers to access a portion of their already-earned wages before the official payday, helping them manage cash flow and avoid high-interest debt traps. In a region where many households live paycheck to paycheck, and formal credit remains out of reach for millions, this model is proving to be both popular and impactful.
“This model isn’t just about early access to money—it’s about restoring financial dignity,” said Deon Nobrega, Paymenow CEO and cofounder. “By giving workers control over their earnings, we’re helping to break cycles of dependency on loan sharks and informal lending schemes.”
The Standard Bank deal is more than just a capital infusion—it’s a clear sign that Africa’s biggest banks are embracing fintech as serious collaborators in building financial inclusion. Standard Bank has also onboarded Paymenow onto its OneHub digital ecosystem, providing corporate clients streamlined access to the startup’s services. Through this integration, companies can now offer Paymenow’s tools to their employees without altering payroll systems or incurring extra costs.
“Standard Bank’s support highlights our belief in innovative models that promote financial resilience,” said Noloyiso Mpanza, head of sustainable finance for transaction banking at Standard Bank. “Earned wage access has the potential to reshape how employers and employees interact with money.”
Paymenow’s value proposition extends beyond immediate cash access. The platform includes gamified financial literacy tools that encourage responsible money management, nudging users toward better habits while offering a sense of progress and reward. According to recent studies, users reported increased savings, improved ability to handle emergencies, and less reliance on high-cost credit.
This isn’t the company’s first major funding. In 2023, Paymenow raised ZAR250 million from Rand Merchant Bank to support early-stage growth. The new Standard Bank facility more than doubles that figure, underscoring the confidence investors have in the EWA model and the company’s execution so far.
With fast disbursements enabled by South Africa’s PayShap system and backing from some of the country’s largest financial institutions, Paymenow is now in a strong position to scale. Although its next expansion markets remain undisclosed, the momentum is unmistakable.
Related Story: SA’s Paymenow teams up with Thiqa Digital Finance to offer early wage access to Ugandan government workers
As Africa’s financial services ecosystem evolves, Paymenow stands at the intersection of fintech innovation and social impact—redefining what it means to be paid on time in a continent hungry for inclusive solutions.
