In order to expand its early salary access service, Paymenow obtained financing from the Standard Bank group on Tuesday, July 8, 2025. This facility aims to offer an alternative to informal credit and to improve the budgetary management of employees, in a context of low household savings in South Africa.

South African fintech startup Paymenow has secured a 400 million rand ($22.4 million) working capital facility from Standard Bank Group, offering the company a new avenue for expanding its Earned Wage Access (EWA) services across Africa. Financing, structured according to a sustainable finance format, is one of the biggest institutional bets to date on the EWA model in the region. Headquartered in Stellenbosch, Paymenow allows employees to access a portion of their salary already earned before

This model has found particular resonance in markets where access to formal credit is limited and where many workers rely on expensive informal lending channels to make ends meet between payroll cycles.

This latest round of financing is not Paymenow's first. In 2023, the company raised 250 million rand (about $14 million) in debt from the Rand Merchant Bank to fund its initial expansion

However, the Standard Bank deal now significantly increases the company's capacity, positioning it for growth beyond its existing markets in South Africa, Namibia, and Zambia.

CEO and co-founder Deon Nobrega sees this deal as more than a capital injection, it's an institutional validation of the business model.