(Ecofin Agency) - SA’s FundingsHub, a company which provides tailored financing solutions to SMEs, sold a minority stake in its capital to Fincheck, a startup that allows consumers to compare financial services products.
This operation whose amount is not disclosed is expected to support the acquirer’s footprint in the country. Fincheck co-founded in 2016 by entrepreneurs Bowren and Chris Ball, works with 71 banks, lenders and insurance companies. The company said it plans to increase its stake in FundingHub, over the years.
SMEs eligible to get funding on the FundingHub platform have generally been active for at least 12 months and have an annual turnover of at least 1 million rand. In South Africa, SMEs are increasingly seeking financial service comparison platforms to obtain the right financing offer for their structure and needs.