Startup’s name: Level Finance (formerly known as GetVanced)
Launch details: We have already started running a closed beta with a few KFC stores.
Raeesa Gabriels: CEO and Co-founder
Brendon Harris: CTO and Co-founder
Alex Gabriels: CPO and Co-founder
The problem: Over R35 billion of earned but unpaid income is withheld weekly from South African employees. This money is stuck in the payroll system; waiting to get disbursed to millions of workers who are juggling expenses. They’re exposed to penalties like late fees, overdraft fees, loan fees and interest while waiting for payday.
The solution: Level Finance is a financial wellness platform that allows employees to withdraw a percentage of their earned but unpaid income to cover unexpected expenses and avoid expensive credit products. We ease the burden of credit on employees. Our platform allows employees to access their earned money cheaper than any other credit provider by not charging interest.
By eliminating these costly ‘waiting for pay’ penalties; we can return billions of Rands back to workers. We believe our product enables employers to provide their employees with a path towards financial self-reliance. A debt free alternative to payday loans that is available to employees regardless of their banking or credit status.
Learn more about this transformative fintech: levelfinance.co.za