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Paycorp expands into embedded funding in SA, the UK

By , ITWeb
South Africa , 26 Jun 2024
Steven Kark, co-founder and CEO.
Steven Kark, co-founder and CEO.

Paycorp, an international payments company, is expanding into embedded business funding in South Africa and the United Kingdom.

The South African-founded company announced the move yesterday, stating that it continues to shape the future of payments across Southern Africa, Central and Eastern Europe, and the United Kingdom.

Paycorp, with over two decades of experience, said it recently expanded its product offerings to include integrated funding.

According to a company statement, Paycorp's Capital Express brand has offered business funding to ATM clients across South Africa in cooperation with Retail Capital, a TymeBank division, during the last year.

Paycorp provides instant working cash of up to R1 million based on historical ATM transaction data, according to the company.

On the international front, Recap Global, a joint venture formed by Paycorp and Retail Capital, has begun its funding offering in the UK.

According to Paycorp, Recap uses transaction data from various payment partners' ATMs, point-of-sale, and e-commerce platforms to provide pre-approved, real-time funding.

The company stated: "Integrated into payment partners' processes, Recap's advanced credit risk engine ensures a seamless user experience, providing businesses across the UK with short-term working capital."

Recap has 15 partners across 12 businesses and four markets, according to Paycorp.

Jonathan Field, Recap's managing director, said. "Eligible customers can get truly pre-approved, frictionless funding at the click of a button, eliminating rejection anxiety and empowering businesses to capitalise on growth opportunities amid challenging economic circumstances."

Also, Steven Kark, co-founder and CEO, said: "Paycorp has evolved from a South African ATM business into an international payments provider, seamlessly moving into multiple payment verticals and geographies and is a partner of choice for businesses to elevate their payment capabilities and expand globally."

Paycorp, an independent non-bank player in South Africa's payments ecosystem, provides interoperable solutions to ATM and POS networks, card issuers, acquirers, and fintech partners.

Furthermore, the company and its subsidiaries provide a wide range of payment services, including transaction processing for ATM and POS terminals, management of a vast network of ATMs, and ATMs as a Service in South Africa, Namibia, Hungary, Slovakia, Croatia, and the Czech Republic.

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