Happy Pay raises $5m seed round led by Partech
Happy Pay offers consumers cost-free, interest-free buy-now, pay-later finance, funded by advertising.
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Happy Pay, a South African fintech, has raised a $5 million seed round led by Partech, with participation from Futuregrowth Asset Management, 4Di Capital, E4EAfrica, Equitable Ventures, Felix Strategic Investments, Summit Deals and The University Technology Fund.
Happy Pay is building an ad-subsidised payments network that provides cost-free, interest-free buy-now, pay-later (BNPL) finance to consumers.
“Happy Pay isn’t a buy-now, pay-later checkout button. It’s a commerce network built on a simple but radical idea: consumers shouldn’t pay interest to manage their cash flow. In our ecosystem, merchants and brands invest in reaching customers at the exact moment they’re ready to buy, subsidising the cost of finance in the process. Consumers get cost-free finance. Merchants get a powerful new growth channel. A genuine win-win. With 600,000+ registered users, the demand is clear: consumers want cost-free finance, and they’ll choose it every time it’s available,” the firm said in a statement.
Matthieu Marchand, principal at Partech said: “We’ve looked at most BNPL companies across Africa, Europe and the US, and we’re clear that the best model for creating true value is the one Happy Pay has built. BNPL only makes sense when it delivers real affordability for consumers while helping merchants improve conversion, grow their client base, build loyalty, and reduce acquisition costs.”
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