Capitec Bank has partnered with accounting software startup Stub to provide small and micro-businesses with direct access to their transactional data, the bank says. Capitec says this is its first fintech integration of this kind, linking a banking platform directly with small business software.
Stub team | image supplied
The integration allows business owners to connect both business and personal Capitec accounts to Stub, giving them real-time visibility into income, expenses, and cash flow. Transaction data flows into Stub, which automatically reconciles payments and categorises expenses.
The direct integration now supports Capitec personal accounts, recognising the reality that many South African entrepreneurs, from spaza shop owners and tradespeople to freelancers and side hustlers, run their businesses through personal bank accounts.
Stub, launched in 2023, is designed for business owners with limited financial expertise. Its software enables users to track sales, manage expenses, issue invoices, and access financial records in real time.
Tayla Dandridge, co-founder and CEO at Stub, said the partnership bridges a gap for small business owners who previously lacked access to tools integrated with their banking.
Chris Zietsman, Capitec executive head of business payments, said the move is part of the bank’s efforts to support South Africa’s informal and micro-business sector, which contributes an estimated R750bn in annual turnover.
“By linking banking data to accounting software, we’re removing one more barrier to running a business,” Zietsman said.
All rights reserved. © 2022. Bizcommunity.com Provided by SyndiGate Media Inc. (Syndigate.info).