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#ACIncubate: Spoon Money supports female street vendors using stokvel

Published on May 4th, 2020

Startup’s name: Spoon Money

Launched: 2018

The team:

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