PaidUp

PaidUp is a mobile phone app that enables small businesses all over the developing world to raise investment from their regular customers. Access to finance for a lot of small businesses and individual sole traders in developing countries is nearly impossible without collateral. Even when there may be some sort of collateral interest rates are very high and leave small businesses heavily indebted. PaidUp utilises the trust these businesses have with their regular customers and incentivises their customers to pay for goods and services up front by giving away some free store credit in return. For example, a barber will give $220 of his shop credit in return for $200 payment upfront. It would be like giving away an extra haircut for free in return for the cash injection - a far easier “interest” to pay. If enough customers pay upfront the barber has enough money to renovate his shop or hire more staff.