Payments and billing;
Money transfer remittances; and
Peer-to-peer (P2P) payments; and
Answer ... They are generally set up as private limited liability companies limited by shares under the Companies Act, 2015.
Answer ... Fintech start-ups are mostly financed through equity and convertible debt. The Companies Act 2015 allows for classes of shares (ordinary and preference), and thus investors can be issued with preference shares. Companies in the growth and expansion stage may be financed through debt, equity or a combination of both.
Answer ... They have a growing market share, as they are meeting consumer expectations and offering an improved consumer experience, and serve both the banked and unbanked population.
Answer ... Although there is a developed market for outsourced back office functions, generally fintech start-ups do not outsource their back office functions. The Employment and Labour Relations Court has held that outsourcing is legal as long as set parameters are met. Non-compliance will result in the award of damages by the court. Where there is an outsourcing service agreement, the remedies depend on the nature of breach and may include damages, injunctions and rescission.