Rapid Growth for Genoapay
Rapid Growth for Genoapay Following Record-Breaking Callaghan Funding
New Zealand’s first service-centric affordability platform, Genoapay, has gone from strength to strength in the wake of its record-breaking NZD$1million accelerator funding success in August.
Having just rounded out its first year of operations, Genoapay is already available in over 210 merchant stores around the country, including a number of Pitstop, Carters Tyres, Midas and Hometunes operators, and upwards of 60 independent automotive, dental, veterinary, and hair and beauty stores.
Supported by leading local financial service providers Debitsuccess and Finance Now, the platform seeks to make fundamental services such as car maintenance and dental care more accessible for Kiwis, by splitting their bill across 10 interest-free weekly instalments.
Currently signing on five new merchants each and every day, Genoapay founder and CEO Shaun Quincey says forecasts show the platform is on track to be available in upwards of 1,000 stores by Q2 2018, and enabling transactions for over 80,000 qualified users.
Beyond this, Quincey says the company is also getting set to launch into the Australian market in early 2018 – and at the request of international franchises who have road-tested the platform in New Zealand, is exploring the prospect of a US expansion soon after.
“I am delighted with our current growth trajectory, and we are learning every day how to grow faster and add more value to our merchants in the process. I am most excited about the reaction from our users when they try the product for the first time and we hear the words ‘simple’ and ‘easy to use’. When building a software payments product in financial services, feedback like that is absolute gold,” says Quincey.
Ongoing work to refine the Genoapay technology mean the online credit approval process for customers has now been reduced to less than two minutes - delivering an even more seamless and pain free experience for merchants.
Pitstop Glenfield owner, Leonard Parker, says, “Genoapay has reduced the typical 30 minutes (plus) wait for the application and approval of finance payments down to under two minutes, and it doesn’t cost the customer anything. It’s a no-brainer.”
A series of senior hires have further fuelled Genoapay’s rapid growth – with the recent appointment of Phil Purchase (ex-90 seconds) to the role of National Sales Manager, Tommi Paraten (formerly of Ora HQ) as CMO, and Senior Developer Kent Simpson making the move from Orion Health.
The company continues to recruit for a number of sales and customer success roles, to support its ongoing expansion.
Genoapay is New Zealand’s first service-centric affordability platform – allowing consumers to pay for Automotive, Dental, Vet Care and other important services over 10 weekly interest-free instalments, with no added fees.
We provide the solution for the approximately 65% of New Zealand consumers who can afford to purchase these services, but can’t afford to pay in one lump sum – creating freedom and flexibility in moments of need. As an alternative to high-interest short-term loans, we hope to save New Zealanders billions in unnecessary interest and fees.
Payments are made direct from consumers’ bank account or credit card, and can be managed easily from any smart phone.
Merchants take no risk in the transaction,
and receive full payment within 48 hours, making us a
powerful tool for SMEs looking to improve cash flow – by
enabling them to access more customers, through the
provision of a simple and friendly payment plan option.