New Fintech Krowdbox Targets 'Offline' SMMEs

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Adebiyi Fajemisin, founder of South Africa-based fintech startup Krowdbox, recently gave an interview to Ventureburn about the in’s and out’s of his new online payment company. 


Krowdbox specifically caters to businesses in South Africa with little to no online presence, as a way to help grow these businesses and guide them into the digital world. Business owners will be able to send payment links to customers, where they then pay online.


When discussing the general concept of the company, Fajemisin states, “The idea behind our platform is to provide the right tools to startups and SMEs who want to develop and build their businesses online as the world moves into a more technology-driven economy. We have made our platform hassle-free and ‘simple-to-start’ as it does not require any upfront costs or technical developments, making it easy for any SME to get started.

 

"Furthermore, there are no monthly fees charged and our fee structure is based on a ‘pay-as-you-transact’ model where the business only pays a percentage of amounts processed through the platform.” 

 

The South African entrepreneur also discussed his initial inspiration for starting the company, stating his intentions to transform payment systems in South Africa.


 Given my experience, I realised there was a massive gap in the African market when it comes to payment options and payment technology development particularly for small businesses, many of whom are still operating offline with little or no capital for technology investments. Starting Krowdbox and creating a variety of relevant solutions was a way to make a difference by offering new insights and products that can hopefully create change and disrupt existing payment models.

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