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Johannesburg-based fintech startup SOLmate has launched a new virtual card offering and the startup has undergone new branding with a fresh new name.
SA fintech launches affordable virtual card for lower-income unbanked individuals
Jonathan Holden, COO of SOLmate comments on the fintech’s new name and the new virtual card offering.
“This rename and new virtual card offering represent a significant step in the company’s evolution. The positioning perfectly illustrates our growing ambition in the market and how we aim to always put our customers first above all else. The SOLmate name is rooted in the company’s commitment to being the preferred choice and trusted partner to our customers. We pride ourselves in our relationships with clients and our ability to help, support and connect people to their money quickly and easily.”
Founded in 2018 and based in Johannesburg, SOLmate is a fintech that aims to provide reliable and affordable financial services for the unbanked in South Africa who do not have access to traditional financial tools and services.
The fintech has done this by creating an online payment platform that offers users a digital wallet facility to ensure financial inclusion for all.
The new virtual card
The new virtual card offering by the fintech enables users to purchase items online and draw cash from a range of retail stores.
In addition, with the SOLmate account, users are able to deposit their salary directly into their accounts. The innovative app catered to act as the platform for the card enables users to purchase a range of basic products and services all in one simple and easy-to-use app.
According to reports, SOLmate claims to be one of the first fintech’s to offer a virtual card to FICA lite customers who would not otherwise have access to this form of technology and product.
As an entry-level product, the virtual card is aimed at users in the lower-income bracket. The fintech also plans to introduce more traditional bank account products to higher-income users.
With a focus on affordability, the fintech offers accounts from the low price of R15 per month.
Featured image: Eduardo Soares via Unsplash