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Merchant Capital named SA’s best Small Business Funder in international fintech awards
The Fintech Awards, hosted by Wealth & Finance for the fourth consecutive year, recognise outstanding digital innovations and technology-enabled business models across the fintech market.
Going head-to-head with a number of other nominated companies, Merchant Capital won the title within the funding category. Of the nominated companies, five were competing in the sub-category of Small Business Funding.
Dov Girnun, founder and CEO of Merchant Capital explains that the award has recognised the company’s innovative approach to providing financing solutions for South African SMEs.
“We’re delighted to get global recognition for our business model and approach. Our founding principle was to support small business in good times and bad and to provide our clients with innovative solutions that evolve according to the changing business environment. This principle has been tested to its limits during the COVID pandemic, so to receive this award is a significant endorsement.”
Over the past seven years, the company has assisted more than 7000 SMEs with working capital to the tune of more than R1.5-billion.
Winners were chosen by an independent judging panel, which conducted independent merit-orientated research and scrutinised information across a range of mediums. To advance from nominee to category winner, awardees had to demonstrate expertise within their field, dedication to client service, and a commitment to excellence and innovation.
Merchant Capital gives small businesses access to funds for working capital in as little as 48 hours, with repayments based on a set percentage of future card sales allowing for flexibility during periods of low turnover.
SMEs can then access additional capital once they have repaid 70% of the cash advance.
There are around 2.5 million SMEs in South Africa, which provide employment to about 60% of the labour force. Their total economic output accounts for roughly 34% of South Africa’s GDP.
However, the funding gap for SMEs is anywhere between R 86-billion and R 346-billion at any given time.
Featured image: (Left to right) Daniel Moritz, Co-Founder and CFO_ Dov Girnun, Founder and CEO_ Ryan Cohen, Co-founder and Chief Relationship Officer (Supplied)