South African fintech startup SOL has announced that it’s rebranding to SOLmate. The online payment platform that offers clients a digital wallet facility, has also unveiled a new product offering, a virtual card that it says places unbanked and underbanked clients at the centre of SOLmate’s business offering.
The new virtual card provides clients with the ability to shop online safely, and to 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 says it 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.
The startup will offer an entry level product, created for lower-income individuals with limited access to financial services. In the coming months, it says it will introduce a traditional bank account for unbanked consumers looking for a convenient, easy-to-use alternative.