South African regtech startup Intergreatme has launched a ZAR24 million (US$1.67 million) equity crowdfunding campaign via the Uprise.Africa to build a self-service platform for SMMEs.
Intergreatme has developed a web and app platform that transforms onboarding for businesses and digitises personal information for over 25 million credit-active South Africans.
“The frustration of constantly having to fill out forms and carry personal documentation on-the-go, is a daily issue facing every citizen in this country,” said Luke Warner, co-founder of Integreatme, explaining the reason for the launch of the business.
“Now we are looking for capital to take our business to the next level, and to benefit ordinary citizens in the process.”
Intergreatme is now making 20 per cent of its shares available for investment via the Uprise.Africa crowdfunding platform, which makes it possible for South Africans to invest between ZAR1,000 (US$70) and ZAR5 million (US$348,000) in local businesses. Uprise.Africa, which itself raised funding last year, facilitates the whole investment process and enables multiple investors to support entrepreneurs.
The funds will be used by Integreatme to create a self-service platform for SMMEs, while adding additional features and functionality to its app. These include a digital affidavit, trusted connections, QR information sharing, digital ID and drivers’ licenses. The self-service platform will drive a steady flow of businesses to sign up by themselves, allowing the core operations team to focus on larger organisations with longer procurement cycles and much larger customer bases. Already the business has signed up a number of local banks and telecoms to manage their RICA and FICA processes.
Warner and his team have dreams to extend Integreatme beyond South Africa to reach the estimated five billion credit-active citizens globally.
“The market potential for our product is vast. Regtech has been described as the new wave in fintech,” Warner said. “This is Intergreatme’s moment to shine and create real wealth for the man in the street.”