SA youth start-up takes the pain out of doing admin

A team of young South Africans believes their three-year-old start-up, now valued at about R120m, can help people get rid of the daily pain associated with submitting forms and documents through an innovative technology platform.

Emergent “regtech” company Intergreatme recently raised more than R27m, which was R3m over its original target. This follows the launch last Tuesday of its public equity drive via Uprise Africa’s crowdfunding platform.

Regtech is the management of regulatory processes within the financial industry through technology.

“The frustration of constantly having to fill out forms and carry personal documentation is a daily issue facing over 25m credit-active South Africans,” Luke Warner, co-founder of Intergreatme, told Business Day in midweek.

Intergreatme’s core business is digitising personal information such as proof of residence, IDs and passports. Instead of having to submit the same information for a number of tasks, like applying for financing or filling out multiple forms when going for a medical checkup, users can scan a QR code and have their information instantly shared with service providers or government departments.

Founded in 2016, the company has 20,000 active users in SA, with thousands more who have used their services through their network of partners, which include Dawn Wing couriers and two car manufacturers. The company has also signed up a number of large banks and telecoms operators to manage their registration of customers.

The team envisions a world where personal data can easily and securely be shared among a host of applications.

Commenting on the funds raised, Warner said most of the initial 120 individual investors are black South African women. This has boosted the company’s BEE ratings.

Intergreatme says it will use the funds raised to create a selfservice platform for businesses while adding additional features and functionality to the Intergreatme mobile software application. These include a digital affidavit, digital ID and driving licences.

The venture is yet to reach profitability but expects to declare its first dividend in 2021.

Founded in 2016, the company has 20,000 active users in South Africa