Everest Merchant Funding (EMF) provides working capital to small and mid sized retail businesses in South Africa via Merchant Cash Advances (MCA or Advance).
EMF serves and promotes entrepreneurship for those who struggle to qualify for funding in traditional credit/lending markets. We do this by providing alternative finance to a crucial niche by advancing cash to merchants that have credit card sales as 25%+ of total revenues. MCA is a new product in South Africa (SA). EMF has invested significant time and effort on research, creating a significant sales pipeline and developing the network necessary to conduct our business.
We have successfully tested the MCA product in the market and have established that there is a significant demand for an alternative finance product that works for SA retail merchants.
Founded in 2011, incorporated in Delaware, USA and in South Africa. The US Holding Company is located in Katonah, New York. The South African Operating Company is located in Cape Town, Western Cape.
Having successfully launched its business in South Africa, EMF now faces increasing demand for its cash advance service. To meet this demand and to expand into the broader South African market, the Company has an immediate need for a partner or partners to provide additional equity or debt capital. Funds raised will be used to meet existing MCA demand, penetrate the national market, increase our market share, build necessary infrastructure and take advantage of our early mover position.
The EMF existing pipeline and applications received via our website or telephonically, is such that without additional capital funds we cannot meet demand. We project that the trend will accelerate nationally, as the concept gains traction and our share of market increases.
An Everest MCA is not a loan. We buy a fixed amount of future sales, for cash today at an agreed price. We retrieve a fixed percentage of future daily Card sales until all purchased sales are delivered in full. The contract is a True Sale i.e. the sale of a fixed dollar amount of future sales in exchange for a discounted purchase price paid in cash today.
Credit Card and Debit Card sales must equal 25% or more of a merchant’s total revenues.
Stuart Schoeman – Co-Founder – Chief Executive Officer, based in Cape Town, South Africa
B.com (WITS) and B.Compt. Honors (UNISA)
Stuart has more than 24 years experience in Systems, Finance and Financial Services during which he has held senior management positions that include Financial Controller, General Motors Investment Management Corp., New York, USA; CFO at GORP.Com.; and most recently 7 years as a Director and Partner at Altran Control Solutions until becoming a founder member of Everest.
Rich Ferrante – Co Founder – Chief Financial Officer, based in NY, USA. Licensed CPA in New York State (USA) and MBA (Finance) – International Business Rich has more than 23 years experience in Accounting, Business and Finance, of which 7 years in the position of Chief Financial Officer with AdvanceMe, Inc. a recognised Merchant Cash Advance industry in the United States prior to becoming a founding member of Everest during 2011.