South African fintech startup SOLmate has doubled its active user base to 100,000 within a year, driven by a booming eWallet market, strategic partnerships, and digital-first services tailored to the country’s underbanked population. With a 500% surge in transaction volumes, the firm is positioning itself as a key player in South Africa’s evolving financial inclusion landscape.
The growth comes amid broader sector momentum. According to Statista, South Africa’s digital payments segment is projected to exceed $19 billion in transaction value in 2025, with eWallets accounting for over 25% of this figure. SOLmate’s COO, Jonathan Holden, attributes the company’s performance to growing trust in instant, mobile-based financial services that bypass traditional banking infrastructure.
“eWallets have become more popular than EFTs, especially among people without traditional bank accounts. They’re faster, simpler, and fit the way many South Africans live and work,” Holden told TechCabal.
Founded in 2018, SOLmate targets the 19 million underbanked South Africans, as estimated by the South African Reserve Bank. The platform’s success is also being driven by innovations like WiCode, a partnership with Nedbank that enables cardless withdrawals at retail outlets. This removes critical friction points for low-income users who often lack access to physical bank cards or ATMs.
To further support user growth and retention, SOLmate plans to roll out full-service virtual and physical debit cards in Q3 2025, compatible with mobile wallets like Google Pay. The firm’s upgraded infrastructure will also integrate Payshap, South Africa’s new real-time low-cost payment system introduced by the South African Reserve Bank and BankservAfrica, enabling faster, cheaper instant EFTs.
The fintech’s roadmap includes a tailored POS solution for small businesses, offering seamless payment acceptance directly into eWallets. This complements SOLmate’s vision of empowering informal vendors and micro-businesses that dominate South Africa’s SME sector.
Looking ahead, SOLmate is preparing to enter the microlending space, using transaction history and behavioral data to offer loans to long-term users. Traditional banks often deny such users credit due to lack of formal financial history—an issue that fintechs like SOLmate are uniquely positioned to solve.
By building inclusive financial tools on modern rails, SOLmate is not just digitizing payments—it’s democratizing access to financial services for millions left out of the traditional system.
