SA Fintech Startup Spot Money Partners With Pargo

Recently launched South African fintech startup Spot Money which calls itself South Africa’s first open banking marketplace that offers a mobile money solution managed through an app has partnered with local logistics startup Pargo Co., Ltd which has witnessed growing popularity of its “click and collect” in-store collection service over the last year to effectively and efficiently deliver the Spot debit cards to clients across South Africa. 

Zeyad Davids, Chief Marketing Officer at Spot Money explains that the partnership with Pargo enables the fintech to provide easy and effective distribution of its physical debit cards. 

“Our partnership with Pargo has given us access to a simple, cost-effective distribution solution that keeps our Spot debit cards safe and allows us to easily reach a wider consumer base, which traditional delivery methods don’t necessarily allow for.”

Spot Money, Pargo Partnership

The partnership between the two tech startups will enable Spot Money users to order their debit card directly via the Super App. The card will be delivered by Pargo at no cost to the user. Users will have the option to collect their Spot Money debit cards at any of the 100 Pargo Pickup points that are located in Clicks stores across the country. 

Lars Veul, CEO at Pargo explains that the Click and Collect option is a further extension of the startup’s commitment to convenience and ease of access to its financial services. 

“South Africans are welcoming the ability to take control of their day through the in-store collection as we’ve seen with the continuous growth in Click & Collect over the last year. We find that the same time constraint South Africans who prefer Click & Collect when shopping online are also interested in a seamless delivery experience when receiving other goods, in this case, debit cards, because it gives them the convenience of never having to queue for service ever again.” 

Cards can be ordered via the app and users are able to select their preferred delivery option. Users must note that if the option to collect is selected, the card must be collected within 14 days. 

Spot Money

Founded at the start of 2021, Spot Money has created the country’s first Open Bank offering that aims to function as a one-stop-single customer-centric platform catering to all of a user’s financial needs. The service is delivered through a ‘Super App’ which works hand-in-hand with the Mastercard developed physical card. 

The physical card will enable users to tap-and-pay at selected Mastercard retailers and promote the ever-growing contactless payment method. As an open banking service, the fintech centres its services around the use of its app, enabling users to access a range of services such as free money transfers between Spot Money users, contactless payments, loans, and insurance products.