Two companies that provide online solutions for motorists, and a group co-founded by a former Springbok rugby player, were among the fastest-growing companies in the country over the past three years.
For the second year running, News24 joined the international data company Statista in a search for South Africa’s Growth Champions – companies that have seen strong growth in their revenue between 2020 and 2023.
Companies that generated at least $100 000 (around R1.65 million, at the prevailing exchange rate in 2020) in revenue in 2020 and at least $1.5 million (R27.7 million) by 2023 were encouraged to register. Entrants needed to be independent businesses (not subsidiaries or branch offices), with operational headquarters in South Africa.
The winners were determined based on the compound annual growth rate (CAGR) of revenues from 2020 to 2023. The ranking criteria required that revenue growth be primarily organic (in other words, not due to mergers or company takeovers).
Delivering average revenue growth of 238% over three years, Paymenow — a platform that gives employees early access to already earned wages – topped the list.
The Stellenbosch-headquartered company was founded by CEO Deon Nobrega and former Springbok rugby player Bryana Habana in 2019. Unlike traditional payday loan providers, the company works with employers and its access to earned wages is at rates 10 times cheaper than traditional loans.
It also provides free financial literacy training to encourage smarter money management.
Users who complete this training are rewarded with free vouchers for airtime and groceries, and more. Additionally, users can save for their financial well-being through access to an interest-bearing Allan Gray Money Market account.
“South Africa’s payday lending industry is notorious for high interest rates and financial exclusion, worsened by low financial literacy,” says Nobrega, who previously worked at Absa and Investec. “That’s why Paymenow isn’t just about early access to earned wages. It’s about holistic financial wellness.”
Paymenow now has more than 500 000 users across South Africa, Namibia and Zambia. It also recently launched in Pakistan.
“The opportunity in Pakistan is particularly exciting, given its population of over 60 million formally employed individuals and the fact that credit card penetration is still under 3%,” Denise Neethling, spokesperson for Paymenow, told News24. Paymenow is looking at other expansion opportunities, particularly in developing countries.
Paymenow has been supported by investments from SA’s DNI Group and the global venture group, the Catalyst Fund.
Paymenow’s goal is to reach 1 million employees in South Africa by the end of 2025, said Neethling.
The vehicle auction platform GoBid was also among the top-growing companies, with a 231% average annual growth rate.
The group hosts daily online auctions for affordable vehicles, including cars, bakkies, motorcycles, taxis, and commercial vehicles. Its user-friendly platform aimed at the lower vehicle market, focusing on accident-damaged and “non-running” cars.
GoBid says it has more than 400 000 monthly users and 16 branches across South Africa,
GoBid was founded in 2020 by Palamo Fund Managers (represented by Jan van Wyk, Lood Bester and Nhlanhla Madalane) and Fledge Capital (represented by Konrad Fleischhauer).
The founders have diverse backgrounds in insurance, automotive, and business.
“We are proud to see so many South Africans trusting us to make their car-buying and selling journey as simple and enjoyable as possible,” said Van Wyk, the CEO of GoBid.
“The first step in starting up GoBid was to procure the best talent in the industry, with likeminded and passionate individuals who believed in the company and its objectives, and awarding management with equity in the company,” said Franco van der Merwe, CFO of GoBid.
According to Van der Merwe, GoBid reached a monthly sales volume of 4 000 cars in three years.
“This volume underscores the growing demand for its unique service and product offering, as well as the company’s ability to efficiently handle high-volume transactions without compromising on customer satisfaction,” he said.
Drive.co.za, a car subscription service that offers an alternative to traditional car ownership, secured the third spot with a 211% average annual growth rate. A car subscription is a service that allows you to use a vehicle for a monthly fee without owning it.
The company was launched in August 2020, and provides users with a brand-new vehicle along with a maintenance plan, insurance, a tracking unit, roadside assistance and other services. The company currently employs 50 people.
The Patrice Motsepe-backed Tyme Group also features among the top 10 fast-growing companies. The banking group has grown by more than 90% a year over the past three years.
Launched in 2019, TymeBank now has 19 million customers and last year became the first digital bank to reach profitability in Africa.
Valued at around $1.5 billion, the group is currently expanding in the Philippines, Vietnam, and Indonesia.
Interested in participating in the ranking? Pre-register for South Africa’s Growth Champions 2026 here.
