Tribease is a Pan African Buy Now, Pay Later platform that enables consumers and SMEs to purchase essential goods and services from registered merchants while deferring payment to a later date, with a flat 5% interest rate. The platform addresses the challenge of upfront payment burdens by allowing users to manage their cash flow effectively through flexible repayment options.
Funding
Funding not disclosed
Founders
Product
Problem
Consumers and SMEs in Africa often face challenges accessing essential goods and services due to the burden of upfront payments and limited access to credit. This can hinder their ability to manage cash flow effectively and acquire necessary items for personal or business use.
Solution
Tribease is a Buy Now, Pay Later (BNPL) platform that enables consumers and SMEs to purchase essential goods and services from registered merchants and defer payment. Users gain access to a spending limit ("kitty") upon approval, which they can use across Tribease's merchant network. Repayments are structured with a flat 5% interest rate, offering a transparent and flexible payment option. The platform also allows users to request increases to their spending limit and offers a "Save Now, Buy Later" option for future purchases like flight tickets.
Target Audience
Tribease primarily targets individual consumers and small to medium-sized enterprises (SMEs) in Africa seeking flexible payment solutions for essential goods, services, and business-related expenses.
Features
- Mobile application available on iOS and Android for easy access and management of accounts.
- Cardless transactions using selfie verification, token codes, or QR codes for secure payments.
- Credit top-ups allowing users to increase their spending limit by an additional 50% of their initial credit.
- Profile upgrades to increase spending limits based on consistent usage and repayment behavior.
- Direct bank transfers to increase the balance in the user's Tribease "kitty".
- Rent Now, Pay Later option, covering annual rent with repayments in convenient monthly installments.
- SME credit for purchasing essential items for business expansion, such as equipment and inventory.
- Anderstek Coop feature enabling collective funding, saving, borrowing, and wealth growth.