Somapay

Company profile

Somapay company profile

Somapay offers a 4-side platform business model that connects companies, employees, service providers and payments services, offering accessible and secure tools that simplifies payroll & benefits services for companies through digital prepaid account for their employees. This digital account provides access to a myriad of payment services offering convenience for bill payments, p2p and bank transfer, airtime top-ups, gaming, uber top up, prepaid TV, and much more as well as ATM cash withdrawal and purchases using Somapay card on retail stores, even if an employee is registered on a credit blacklists such as Sistema de Proteção ao Crédito (SPC) or Serasa Experian. The target are entrepreneurs, Small and Medium Business, enterprises and their employees providing them with access to credit and financial services while eliminating paperwork, bad servicing, hidden costs and unfair interest rates, besides affording financial inclusion for the unbanked. The business model is based on three groups of revenue: Platform license, Service plan subscription and Credit interest.