Leading Georgian financial-technological startup PAYZE has won a grant program of the Georgian Innovation and Technology Agency (GITA) worth 650 thousand GEL - the agreement between the two parties was signed today at the Technopark.
Along with the announcement, the Georgian Innovation and Technology Agency releases additional information about Payze: “PAYZE started operating in January 2021 and made 250,000 online payments in 9 months. It covers 5% of the Georgian e-commerce payments market and is growing at a very fast pace. The company will start operating in Uzbekistan in November 2021, and PAYZE services will be available in Ukraine and Kazakhstan in the first quarter of 2022. The team currently consists of 20 people and is growing rapidly, both in terms of technology and business."
"Receiving a grant of 650 thousand GEL is a very important victory for our company. This resource will help us to develop a new product for the Georgian and Uzbek markets, where we are already completing the first procedures of our expansion. In particular, the product will be the introduction of the BNPL (Buy now pay later) model for our merchants, so that people who do not have the full amount at the moment can still buy the product from our merchant and pay the amount later. The main benefit will be that the merchant will have instant access to the money, and the client will pay PAYZE for the cost of the product later, ”Kakha Gelashvili, co-founder of PAYZE, told Forbes Georgia.
For reference, the above-mentioned grant program GITA, with the financial support of the World Bank, started in 2019 and its goal is to stimulate innovation, the creation of innovative enterprises, and their involvement in the country's economy. Within the framework of this program, Georgian startups with global potential are funded, whose products are associated with Georgia.
It should be noted that PAYZE is one of the most successful Georgian startups in terms of attracting investments: recently, they hit the 2021 summer program of the leading American accelerator, Y Combinator, which even successfully closed.
