South African Buy Now, Pay Later (BNPL) platform Happy Pay has announced securing pre-seed funding from a group of prominent venture capital firms. This investment will be used to accelerate growth, expand product offerings, and further serve customers and merchants.
The funding was secured from several notable venture capital investment firms, including co-lead investors E4E Africa and 4Di Capital, with participation from Launch Africa, Equitable Ventures, Felix Strategic Investment, and US-based Gaingels.“We’re excited to have the backing of such a remarkable group of investors,” said Wesley Billett, Co-Founder and CEO at Happy Pay .
In practical terms, this allows its users to shop online and make a purchase – and then pay for it “over two paycheques”. As part of its pre-seed funding announcement, Happy Pay also revealed that it now has 150,000 active users on its BNPL platform. “The surge in interest and growth of the platform is largely driven by Millennials and Gen Zs who are favouring BNPL options over traditional credit cards.”“We have been enabling growth for South African merchants within the ecommerce sales channel by giving them access to new customers, bigger average basket sizes, and better conversion metrics,” said Patrick Postrehovsky, Co-Founder and COO at Happy Pay.
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