Capitec Bank is launching new measures to improve financial management for small and micro businesses through a partnership with Stub, an accounting software company.
Capitec has enabled direct integration between Stub’s software and the bank’s transactional data API.
Launched in 2023, Stub positions itself as a simple and affordable alternative to spreadsheets and manual accounting tools. The software allows users to track sales, manage expenses, process payments, and access financial records in real time. Developed for small businesses by a team with experience in entrepreneurship and banking, Stub is designed for ease of use by business owners without formal financial training.
The integration enables transaction data to transfer directly and securely from Capitec clients’ accounts to the Stub accounting platform, removing manual data entry. It provides real-time visibility into income and expenses and automatically reconciles payments with invoice numbers while categorising expenses to the relevant accounts.
The direct integration supports Capitec personal accounts. According to Capitec, this is significant for many South African entrepreneurs who operate their businesses through personal bank accounts, including spaza shop owners, tradespeople, freelancers, and side hustlers.
“We launched two and a half years ago to provide entrepreneurs with simple, accessible and powerful tools to enable them to build successful businesses,” says Tayla Dandridge, Stub CEO and co-founder.
“Our integration with Capitec bridges a critical gap for small business owners, many of whom haven’t had access to tools that integrate with the way they actually bank and work.
“Capitec shares our belief that entrepreneurs and hustlers are at the heart of South Africa’s economy. As a startup with big ambitions for the future, we are proud to work with a bank that’s enabling the kind of innovation and accessibility to fintech tools that our entrepreneurs and small businesses need.”
This move, says Capitec, forms part of the bank’s broader strategy to serve SA’s fast-growing informal and micro-business sector, which accounts for an estimated R750-billion in annual turnover.
Chris Zietsman, executive head of Capitec Business Payments, says: “At Capitec, we’re committed to supporting entrepreneurs and other small business with banking solutions that are transparent, easy to use, and affordable. This integration with stub frees up time so that business owners can focus on growing their business and makes it easy for them to stay on top of what’s happening with their finances.
“By automatically linking banking data to accounting software, we’re removing one more barrier to running a business. This is our first API integration of this nature with a business software provider – a key milestone in our ongoing efforts to support the country’s entrepreneurial ecosystem through innovation and inclusion.”