Recently launched SpliceWorks has concluded its first major deal. The deal is between Telkom's e-commerce/online business Trudon and fintech start-up Bizcash.
SpliceWorks is an online digital technology marketplace that functions as a matchmaking service for techpreneurs and the companies that need its technology. The platform is the brainchild of telecom BCX and was launched in September.
Floris Buys, CEO of SpliceWorks, says the deal is the first of 30-odd deals the company has in the pipeline. "Bizcash registered on SpliceWorks, and completed a solutions profile. SpliceWorks then identified an opportunity within Trudon, as Trudon owns a large database of SMEs, Bizcash's target market. We facilitated the introduction and helped with the deal closure. The deal will enable Trudon to market the Bizcash offering to their base and earn a percentage of the earnings. This is monumental in the sense that it really shows how valuable this platform is in connecting tech innovations with businesses that need them."
Bizcash which was founded last year, is a platform designed to give SMEs quicker access to loans. Businesses that have been trading for a minimum of 12 months can apply for a cash loan of any amount between R1 000 to R3 million and receive approval within a matter of days, cutting down the admin costs and time it would take to get a similar loan from a traditional financial institution.
Elton Bondi, director at Bizcash, explains: "We started Bizcash because we understood that one of the biggest barriers to growth for small to medium businesses is financing. Our technology drastically lowers the cost of client acquisition, including credit scoring, collections and all other ongoing client management, by using online software to streamline the process."
Buys says the fintech's model is what drew Trudon's attention. "The business model seems disruptive and laudable, hence the investment. The significant investment will go towards growing Bizcash and providing services that both companies hope will grow the local SME."
Trudon's head of innovation, Will Smith, concurs, adding that the company is constantly looking for ways to add value for customers, "By expanding our product portfolio, we will be adding more value to our customers. Quick access to finance can be a game changer for business owners, and Bizcash offers an efficient way to get companies the money they need to be competitive."
Since inception, SpliceWorks has signed up 120 start-ups.
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