GetBucks

About GetBucks

GetBucks, a constituent of the broader MyBucks fintech group, has carved a niche in the microfinance sector across several African nations. The company's journey began when it was founded by Dave van Niekerk, a seasoned entrepreneur in the microfinance industry with previous experience at African Bank and as the founder of Blue Financial Services. Van Niekerk established MyBucks in 2011/2012, a Luxembourg-based entity that would become the parent company to the GetBucks brand. GetBucks itself was initially formed by private individuals in South Africa before being integrated into the MyBucks structure, which successfully listed on the Frankfurt Stock Exchange in 2016, a significant milestone for an African fintech firm.

The core of GetBucks' business model is providing accessible credit to low and middle-income consumers, a segment often underserved by traditional banking institutions. The company operates primarily as an online platform, offering unsecured short-term and payday loans. In South Africa, for instance, loan amounts range from ZAR 500 to ZAR 4,000 with repayment periods of up to 45-56 days. This model generates revenue through interest charged on these loans, with rates that comply with national credit regulations. The business serves salaried employees and even those who may be blacklisted, aiming to provide a quick and convenient financial boost through a streamlined, paperless online application process.

GetBucks distinguishes itself through the application of technology to assess creditworthiness and manage risk, a philosophy central to its parent company, MyBucks. This includes the use of custom-developed systems, data science capabilities, and even psychometric scoring to evaluate loan applicants. This tech-driven approach allows for rapid turnaround times on loan applications. Over the years, the GetBucks brand expanded its footprint to operate in multiple countries, including Eswatini, Namibia, and Zimbabwe, sometimes evolving into deposit-taking microfinance banks with a broader range of services like SME finance, bill payments, and international banking. The company underwent a significant ownership change in 2019 when MyBucks sold its 100% shareholding in GetBucks to a subsidiary of Finclusion Pte Ltd.