A Kenyan fintech company, FlexPay Technologies, is revolutionizing the way consumers can afford products that would have previously been out of reach for them. By offering a “save now, buy later” model, FlexPay allows customers to shop at partner merchants, reserve products, and pay over a period of time, all at no additional cost. With a rapidly growing merchant network of 600 partners and plans to expand further, FlexPay aims to become an integral part of consumers’ financial lives.
Key Takeaway
FlexPay Technologies is a Kenyan fintech company that enables consumers to afford products through its “save now, buy later” model. With a expanding network of 600 partner merchants and plans to introduce flight and hotel bookings, FlexPay is revolutionizing the African market, making high-ticket items more accessible and affordable.
An Active Bank Account for Future Goals
As part of its vision, FlexPay aims to be more than just a payment platform. With the goal of helping customers save for future expenses, FlexPay Co-founder and CEO Richard Muchomba envisions the platform as an “active bank account.” In addition to purchasing retail products, users can save towards vacations, school fees, and even medical expenses.
Expanding Offerings and Partnerships
FlexPay is continuously evolving its offerings to cater to a wider range of customer needs. The company recently introduced FlexPay Goals, which allows users to set savings targets. Additionally, FlexPay Chama enables groups to save together, fostering a sense of community. Looking ahead, FlexPay plans to partner with airlines and hotels, giving users the ability to book and pay for flights and accommodations through the platform.
Simple and Convenient Payment Process
To start using FlexPay, customers can sign up through the app or the platform’s partner merchants. Online shoppers can easily select FlexPay as a payment option during checkout. For offline merchants, customers can register via USSD, turning shop owners into FlexPay agents. Once registered, customers make an initial deposit and pay the remaining amount over a predetermined period. The payment duration varies depending on the industry, with most merchants allowing payments within three months.
Affordable and Sustainable Financing
FlexPay’s “save now, buy later” model differentiates itself from traditional credit-driven buy now, pay later (BNPL) models by eliminating the need for interest charges and credit score requirements. Instead, FlexPay focuses on affordability and sustainability. By digitizing and streamlining the existing “pay later” concept, FlexPay aims to make high-ticket items more accessible for the African market.
FlexPay has gained significant support from investors, raising $785,000 in funding so far. Backed by notable investors such as the Acacia Group, LoftyInc, Expert Dojo, Google Black Founders Fund, and Renew Capital, FlexPay is well-positioned to continue its expansion and reach more customers.
As FlexPay expands its operations to Uganda and Nigeria, it aims to empower individuals and communities to achieve their financial goals and enjoy a better quality of life. By digitizing and enhancing the traditional “pay later” model, FlexPay is making strides in improving financial inclusion and access to goods and services in Kenya and beyond.
