RainFin, Absa and Rise Africa Sign Partnership Deal in Cape TownFeb 29, 2016 RainFin In the news RainFin , SME
The strategic partnership announced between Absa (a member of Barclays) and RainFin, an innovative online credit marketplace has been discussed by Zweli Sikhakhane on BizNisAfrica.
Sikhakhane describes RainFin as at ‘the forefront of the fintech revolution’ seeing the disruption of traditional methods of providing finance with new innovative solutions.
The relationship between Barclays Africa and RainFin allows the bank to refer thousands of SME’s to the RainFin platform to compete for fast and cheap business funding. Paul Nel, Head of Open Innovation at Barclays Africa Group explains:
“The RainFin story is a great example of Barclays’ Rise Africa mandate which is to connect, co-create and scale tomorrow’s products and services, faster and cheaper. After the initial Barclays Seeker fund investment in RainFin in 2014, spearheaded by Eugene Booysen, Chief Innovation Officer, Barclays Africa CIB, the two companies worked closely together to refine the original RainFin.com credit marketplace offering, its supporting operations, credit scoring methodology, and collections capability, to align to the regulatory framework. This enables Barclays Africa to scale the RainFin offering by making it available across its operations,”
To read more about this, visit RainFin, Absa and Rise Africa Sign Partnership Deal in Cape Town.