Capital Connect, a member of the Connect Group, has won the Retail Business Funder of the Year title in the 2021 Wealth & Finance FinTech Awards. This title was awarded to Capital Connect in recognition of the innovative business finance solutions it provides to the South African retail sector since its launch in 2018.
The awards from media and research organisation, Wealth & Finance International, rewards the excellence, creativity and innovation of Fintech companies across the globe. Wealth & Finance International is dedicated to providing fund managers and institutional and private investors around the world with the latest industry news across both traditional and alternative investment sectors.
Capital Connect is a much-needed alternative business financing option for retail merchants in South Africa. As an unsecured, short-term B2B lending business, it provides retail merchants with access to business finance by approving credit based on a review of proprietary data points. This disruptive and unconventional approach reduces the red tape normally associated with SMEs obtaining finance, including the need for management accounts and audited financials.
Capital Connect provides merchants with quick access to hassle-free business finance of up to R5 million – allowing them to be agile and capitalise on opportunities in the fast-paced retail industry.
At the heart of its success is innovative technology. Retail merchants can apply for an unsecured business loan within minutes, simply by using an app (iOS / Android). Capital Connect taps into insights from analytics and data modelling to offer near-instant approvals to companies that qualify and can deposit the funds in their bank accounts in under 24 hours.
“We are proud to have received this award in the face of strong local and international competition. In a time that the Covid-19 pandemic and national unrest has changed mindsets and shifted paradigms on how business is conducted, we will work with the retail industry to rebuild in the months to come,” says Steven Heilbron, CEO of Capital Connect.
“Providing SMEs with working capital is one of the best ways to enable them unlock their full potential. Yet a 2020 study done by global firm PWC highlighted that 22% of South African businesses that participated in the study ranked access to funding as their largest challenge. Our goal is to empower retail entrepreneurs in South Africa with the financial tools they need to grow and thrive,” concludes Heilbron.