Fintech and payments platform PayFast founder Jonathan Smit has resigned from the company. Jonathan’s move comes after running the company for the last fourteen years. His resignation is effective from the end of August.
PayFast is one of the earlier startup that ventured in the tech and e-commerce space in 2007. According to news reports, by 2015 the company had more than a million online shoppers had made a payment using the platform.
Smit says the South African ecosystem is different compared to other countries in US and Europe.
“Compared to developed markets, like the United States and Europe, where 10% to 30% of retail occurs online, local ecommerce is only at the beginning of what is possible in terms of growth,” he said.
Jonathan said the online payments market in South Africa were underserved hence they decided to launch the business.
“To receive online payments, you needed a merchant account at a bank — but you couldn’t get a merchant account without a six-month trading history, which was basically impossible for a start-up.”
Smit said he learned a lot and developed a valuable skills while starting and growing the company.
“The thing that surprised me most about growing a business was the shift in emphasis from getting things done, to managing people so that they can get things done,” he said.
Smit shared inspirational words for future entrepreneurs who wants to venture into entrepreneurship.
“I think as an entrepreneur, you are taking on an unbalanced lifestyle with the understanding that you will probably work exceptionally hard for a number of years, and then spend a bit more time not working thereafter.”
Leave a Reply