Startup’s name: Spoon Money
Nicky Swartz: Chief Executive Officer and Founder
Lorna McLaren: Chief Operating Officer
The problem: Informal traders typically find it difficult to access formal financial products and where credit is available; it is often very expensive, limiting their ability to grow their businesses.
The solution: Spoon Money is a credit solution that makes business more sustainable for informal traders by providing access to working capital finance. Spoon Money offers the credit via a group structure; leveraging existing stokvel principles and the power of social networks. It also facilitates savings through a stokvel.
Find out more about the transformative fintech: www.spoonmoney.com