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Energy Swipe is a Durban-based fintech startup, founded by entrepreneurs Vukile Mchunu (CEO) and Malusi Mkhungo (CTO). The startup plans to promote financial inclusion by giving SA motorists equal opportunity to keep driving during the month, even when their pockets run dry.
“We aim to do so by combining our passion for technology with petroleum and finance,” said CEO, Mchunu, in an interview with Ventureburn.
Energy Swipe launches in August
The bootstrapped startup is currently partnering with SA petrol stations to install the company’s terminal IDs at their forecourts. “This terminal ID will work with the Energy Swipe card to allow all our clients to pay at our partnering petrol stations with a simple swipe. The service comes with an app for your smart device to help the user monitor their profile, check their credit allowance, change the pin, block the card if its lost or stolen, or even send a direct message to us if you are going to be travelling to find out the closest partnering stations along the way,” explained Mchunu.
The company will be launching the offering later this year
The CEO went on to say that though the price of petrol keeps increasing, “…the sad truth is that the income of a lot of motorists doesn’t increase as frequently as the price of petrol. This year alone, the price of petrol has increased three times and we have no guarantees that it won’t increase again soon. South Africans feel like R100 per trip is much cheaper than filling up the full tank. We, as Energy Swipe, are here to solve that problem and allow them to save more but travel more because they can now fill up any time of the month,” he explained. Mchunu clarified that the company is currently working closely with credit firms to help them identify qualifying clients.
Mchunu explained that the platform will work with a bank of the user’s choice to debit an amount from the user’s bank account. “Our system is a ‘pay-as-you-go’ – if you didn’t use our system for that month you won’t have to worry about paying,” he commented. Still, why would motorists choose the offering if anyone can use their card at a petrol station? Other benefits of this safe and reliable cash alternative include no transaction fees (unlike normal bank cards), instant card balance check, card spending tracking and instant credit payout.
With plans to launch the offering in August this year, CTO Mkhungo is excited about its potential social impact. “Energy Swipe doesn’t just aspire to make a living, it aspires to make a difference, and the difference is acquired through the merging of three phenomenal sectors – finance, technology and sustainability in the petroleum industry,” he concluded.
Featured image: Energy Swipe co-founders Vukile Mchunu (CEO) and Malusi Mkhungo (CTO)