Cape Town-based buy now, pay later startup Happy Pay has raised $5 million in seed funding to expand its merchant-funded payment platform, which charges consumers no interest or fees.
Partech, a Paris-headquartered venture capital firm, led the round, with participation from Futuregrowth Asset Management, 4Di Capital, E4E Africa, Equitable Ventures, Summit Deals, the University Technology Fund, and Felix Strategic Investments.
Happy Pay operates what it describes as an “ad-subsidised payments network”, a model in which merchants and brands, rather than consumers, bear the cost of instalment payments.
The platform has over 600,000 registered users and earns revenue by connecting retailers with shoppers through targeted offers and flexible payment options.
Unlike traditional credit providers, which generate revenue through interest, fees, or revolving balances, Happy Pay charges merchants only when transactions are completed, not for impressions or clicks.
Read more: https://www.mexc.com/news/974473
