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South Africa: Fintech Startup SOL announces rebrand with a new virtual card offering

SOL unveils virtual card and new brand as it redefines the customer experience

SOLmate, an online payment platform that offers clients a digital wallet facility, unveiled an exciting new product offering with an extensive rebrand and renewed corporate vision. Following a name change to SOLmate, the fintech has launched a new, innovative virtual card – placing unbanked and underbanked clients at the center of SOLmate’s business offering.

The new virtual card allows clients to shop online safely and draw cash from various retail stores, making SOLmate one of the first fintech players to offer a virtual card to FICA lite customers who would otherwise not have had access to digital financial services.

With a new tagline of “Your money. Your life. Your way.” SOLmate aims to build a digital community platform for South African consumers that allows safe custody of money and a convenient payment platform, along with access to other financial and lifestyle products, services, and rewards.

SOLmate will offer an entry-level product created for lower-income individuals with limited access to financial services. Also, SOLmate will introduce a traditional bank account for unbanked consumers looking for a convenient, easy-to-use alternative in the coming months. With a SOLmate account, users can deposit their salary into their account to transact and purchase basic products and services through the app, seamlessly bridging the gap between businesses and clients.

In a tough economy, SOLmate has kept every cost to a minimum and waived many of them where possible – making it affordable and accessible for all – with accounts starting from as little as R15 per month.

Says Jonathan Holden, COO of SOLmate. “This rename and new virtual card offering represent a significant step in the company’s evolution. The positioning perfectly illustrates our growing ambition in the market and how we aim to always put our customers first above all else.”

Jonathan Holden, COO of SOLmate

“The SOLmate name is rooted in the company’s commitment to being the preferred choice and trusted partner to our customers. We pride ourselves in our relationships with clients and our ability to help, support, and connect people to their money quickly and easily,” he adds.

South Africa in focus

GDP: $301.924 billion in 2020 compared to $351.432 billion in 2019

Population: 59,308,690 in 2020 compared to 58,588,267 in 2019

GDP per capita: $5,090 in 2020 compared to $6,001 in 2019