Supported ventures

Paysend

Paysend, Kasimile (Pty) Ltd

Brands: Paysend, Kasimile (Pty) Ltd

Flagship product: Paysend is the game-changing service redefining how South Africans access and send money. No ATMs? No problem. Paysend lets anyone send and withdraw cashsend money from your local spaza shops — right where people live, not miles away in malls. With just your withdrawal number and pin and get the cash immediately. It’s that simple!

Founding team: Morris Zini, a fintech entrepreneur with deep knowledge of informal economies in Africa. Leads strategic partnerships with banks, mobile money providers, and regulators to drive inclusive financial innovation.

Application: A digital money transfer and payments platform available on both Android and iOS. It enables users to send and receive their CashSend money at any nearby Spaza store.

Sector/Industry: Fintech (Financial Technology) Industry

Subsector: Digital Payments, Remittances, and Money Transfers

Year founded and commenced operations: 2023

Year partnered with TuksNovation: 2025

Website: paysend.co.za

 

Description

Paysend is a fintech company that provides fast, low-cost money transfers and local cash access solutions. Paysend offers CashSend withdrawals at nearby spaza stores, allowing people to send and receive money without needing a bank account or traveling to ATMs. The service supports financial inclusion by making cash easily accessible in townships and rural areas, eliminating the cost and hassle of long-distance travel. Paysend connects communities to a smarter, more convenient way to manage money — secure, affordable, and right around the corner.

Growth Objectives

  • Expand Agent Network Nationwide Grow the spaza store network from pilot zones to all 9 provinces, focusing on underserved townships and rural areas.
  • Scale Customer Base Onboard 1 million+ users within 18 months through referral programs, local partnerships, and grassroots campaigns.
  • Boost Transaction Volume Achieve 10x growth in monthly CashSend transactions by optimizing user experience and improving float availability at agents.
  • Deepen Financial Inclusion Provide access to financial services for 5 million unbanked or underbanked South Africans by 2027.
  • Strengthen Partnerships Paysend partners with major South African banks and CashSend-compatible service providers to allow their customers to redeem CashSend or e-wallet vouchers directly at participating spaza stores through Paysend system — no more ATM or mall visit needed.
  • Enhance Technology Infrastructure Invest in robust, scalable systems to support real-time transactions, fraud protection, and offline functionality.

Differentiation/Value Proposition

Paysend brings cash closer to the people. By turning everyday spaza shops into secure cash access points, Paysend eliminates the need for taxis and long queues at ATMs — making it faster, cheaper, and safer for South Africans to send and receive money.

  • What sets paysend apart: Differentiator, why it matters.
  • Spaza store network: Leverages local shops that are already trusted and accessible in townships and rural areas.
  • Zero travel costs: Users no longer need taxis to malls, saving R40–R120 per transaction.
  • Instant cash access: Withdrawals processed in minutes using only a voucher code.
  • Rural and remote reach: Serves communities far from traditional banking infrastructure.
  • USSD and app support: Works with low-end phones, no data required.
  • Bank-agnostic integration: Compatible with existing CashSend/eWallet providers through smart partnerships.

Paysend isn’t just moving money, it’s moving access, dignity, and economic opportunity.

Business Stage/Phase

MVP – Pilot Validation

Investment Stage/Phase

Paysend is currently in the Seed to Pre-Series A investment stage, having successfully validated its CashSend model in key South African regions. With strong early traction and a clear roadmap, Paysend is now seeking strategic capital to scale nationally.

  • Completing necessary product trials and regulatory approvals for market entry.
  • Building out the team to handle increased business demands and market penetration.

Investment Raised

Paysend has raised funding from various sources so far:

  • R200 000 from TIA and Department of Science and Innovation.
  • Incubation Support from Ekasilabs, Gauteng Innovation Hub.

These investments have supported the initial development and proof of concept phases, with the current ask for Pre-Series A funding aimed at pushing the product through to full market readiness and initial sales.