# SmartWage

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/smartwage-pty

- Industry: Software
- Headquarters: Cape Town, South Africa
- Website: www.smartwage.co.za
- Total disclosed funding: $2M
- Latest round: Seed (Apr 5, 2022)
- Investors on record: 3

## About

SmartWage Pty Ltd, based in South Africa, specializes in providing innovative payroll solutions that enhance employee financial well-being and streamline wage advance access, catering particularly to hourly wage earners.SmartWage Pty Ltd was founded in 2019 in Cape Town, South Africa. The company focuses on offering wage advance services, enabling employees to access earned wages before payday. The leadership team includes co-founders Caroline van der Merwe, Jacob Kang, Simon Ellis, and Tessa Glyn, with Jacob Kang and Simon Ellis serving as CEOs. To date, SmartWage has completed three funding deals, with the latest being a Seed round on April 5, 2022, raising a total of USD 2.00 mn from investors including Creator Ventures, LoftyInc Capital Management, and Penrose Capital.SmartWage provides innovative solutions aimed at streamlining payroll processes and improving financial well-being for employees. Their core offerings include a comprehensive wage advance platform that allows employees to access earned wages before the traditional payday, addressing cash flow challenges faced by workers, especially hourly wage earners in various industries. SmartWage's services primarily target corporate clients across sectors such as retail and hospitality, enhancing employee satisfaction and retention through financial flexibility, primarily in South Africa, with plans for future regional expansion.SmartWage generates revenue through a subscription-based model where businesses pay a fee to offer the wage advance service to their employees. This model facilitates seamless integration into existing payroll systems, ensuring a smooth experience for employers and employees. Their clients, including small to medium-sized enterprises, partner with SmartWage to enhance employee benefits without significant upfront costs. Pricing plans are tailored based on the number of enrolled employees, positioning SmartWage well in the growing market for employee financial wellness solutions.In April 2022, SmartWage Pty Ltd raised USD 2.00 mn in Seed funding to expand its product and technology team. The company plans to leverage this funding to enhance existing offerings and develop new products aimed at improving payroll solutions. Additionally, SmartWage is targeting expansion into new geographic markets beyond South Africa to increase its customer base and engagement, with specific plans to enter targeted regions in the coming years.

## Funding rounds

- Seed, Apr 5, 2022, $2M — LoftyInc Capital Management, Creator Ventures, Penrose Capital
- Seed, Dec 28, 2021 — LoftyInc Capital Management

## Investors

- LoftyInc Capital Management (https://capitalatlas.ai/funds/loftyinc-capital-management) — Seed
- Creator Ventures (https://capitalatlas.ai/funds/creator-ventures) — Seed
- Penrose Capital — Seed