Happy Pay secures USD 1.8 million in pre-seed funding

Pre-seed funding used for expansion and marketing

The company stated that the pre-seed funding will be allocated to launching a range of new products, improving marketing efforts, and broadening Happy Pay's network of merchants. Additionally, it plans to grow its workforce strategically while prioritising expansion. This investment round was led by South African venture capital investors, including co-lead investors E4E Africa and 4Di Capital, along with DotExe Ventures, Launch Africa, Equitable Ventures, Felix Strategic Investment, Gaingels from the US, and local angel investors. Furthermore, Fin Africa (formerly known as Finclusion Group) is supporting Happy Pay's capital needs.

Happy Pay platform uses AI technology

The Happy Pay platform uses autonomous AI-driven credit scoring to assess customer affordability in mere seconds, simplifying costs and inefficiencies while delivering a better checkout experience for both customers and businesses. Happy Pay representatives have stated that they support South African merchants in the ecommerce sales sector by connecting them with new customers, increasing average basket sizes, and improving conversion rates. The platform offers cost-free alternatives to high-interest credit for South African consumers.

Additionally, officials from E4E Africa have declared that they are confident that Happy Pay's strategy for financial inclusion, through their BNPL-led consumer payments platform, can integrate more South African consumers into the formal financial system and provide them with access to better financing options.

The platform offers flexible payment options but also promotes responsible spending through its transparent and easy-to-understand credit terms. Moreover, the platform's emphasis on technology ensures that it can scale efficiently and adapt to the evolving needs of both merchants and consumers. This adaptability is important in a rapidly changing digital economy, where customer preferences and market dynamics are continuously shifting.