Flexpay provides an automated savings platform that allows users to set financial goals and make flexible payments towards purchases from partner merchants, all without incurring interest. This solution addresses the challenge of managing large expenses by enabling customers to save at their own pace and withdraw funds directly to mobile money services like MPESA.
Funding
$275K raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
EDGFLCFounders
Product
Problem
Many consumers in emerging markets struggle to afford large purchases due to limited access to credit and the need to pay the full amount upfront. Traditional financing options often involve high interest rates and strict repayment terms, making them inaccessible or unsustainable for a significant portion of the population. This lack of flexible payment solutions hinders economic empowerment and limits access to essential goods and services.
Solution
Flexpay provides a "Save Now, Buy Later" platform that allows customers to save towards purchases from partner merchants and withdraw funds to mobile money services. Users set financial goals and make flexible payments over time without incurring interest charges. The platform integrates with a network of reputable merchants, enabling customers to save for specific products and services. By allowing users to save at their own pace, Flexpay makes larger purchases more accessible and manageable, promoting financial inclusion and empowering customers to achieve their goals.
Target Audience
Flexpay primarily targets consumers in emerging markets who lack access to traditional credit and prefer a savings-based approach to making purchases, as well as individuals participating in group savings programs.
Features
- Goal-based savings: Users can create specific savings goals for items from partner merchants.
- Flexible payments: Customers can make payments towards their goals at their own pace.
- Mobile money integration: Funds can be withdrawn directly to mobile money services like MPESA.
- Partner merchant network: Access to a wide range of reputable brands and stores.
- Flexpay Chama: Virtually organized saving groups that run for 6 months, where each saver receives the total amount saved within the phase duration.
- USSD, App and Web Access: Access Flexpay services via USSD code, mobile app, or website.