SpliceWorks, a business enablement platform futured by BCX, has announced the closing of its first major deal, an agreement between fintech start-up Bizcash and Trudon, part of the Telkom Group, for an undisclosed amount.
Launched last month, SpliceWorks is an online digital technology marketplace that functions as a matchmaking service for techpreneurs and the companies that need their technology. This deal between technology provider Bizcash, and Trudon, is the first official deal fostered by the platform.
“We’re so excited to announce the closing of our first deal through the SpliceWorks platform,” said Floris Buys, CEO of SpliceWorks. “It really shows how valuable this platform is in connecting tech innovations with businesses that need them.”
Bizcash, a fintech start-up, was launched in 2016, and is a disruptive fintech platform designed to give SMMEs 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. The loans also feature low interest rates, and flexible repayment plans.
“We started Bizcash because we understood that one of the biggest barriers to growth for small to medium businesses is financing,” said Elton Bondi, Director at Bizcash. “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. This, in turn, enables us to give businesses the cash they need quickly at competitive rates.”
Bondi emphasizes that “Bizcash is not merely about helping our clients out of a tough cash flow position, but is rather about helping them to grow faster, and thereby make a larger contribution to the South African economy. “
“We were drawn to Bizcash because we feel their model of providing quick loans to grow SMMEs in South Africa was both disruptive and laudable,” Buys points. “We’re so excited to have fostered a mutually beneficial partnership for Bizcash and Trudon on our platform.”
Trudon which provides affordable, effective advertising and marketing services to the local SMME and corporate market, closed the deal with Bizcash in October.
“We’re constantly looking for ways in which we can add value for our customers by expanding our product portfolio,” said Will Smith, Head of Innovation at Trudon. “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.”
The significant investment will go towards growing Bizcash and providing services that both companies hope will grow the SMME space in South Africa.