Merchant Capital, a leading provider of alternative working capital solutions to small and medium retail enterprises (SMEs) in South Africa, is proud to note the announcement of Discovery’s new Shared Value Insurance product, Discovery Business Insurance, and to have been selected by Discovery Insure to be a part of Discovery Business Insurance’s Partner Network.
Discovery Business Insurance is a new type of Shared Value Insurance focused on building better and “healthier” businesses. With Discovery’s experience in developing innovative insurance products, Discovery Business Insurance will offer clients unique benefits across property, accident, motor and other business liability claims through Discovery Insure.
Merchant Capital was established in 2012, and since then has assisted many thousands of small businesses with working capital funding, sustaining over 40 000 jobs in the process. Merchant Capital addresses South Africa’s growing SME financing gap – an impediment to economic growth and job creation – through lump sum, unsecured working capital advances facilitated within 24–48 hours in exchange for a fixed percentage of future card sales. Merchant Capital’s proprietary credit-scoring algorithm utilises alternative data points to make quick, robust credit decisions with a greater-than-70% approval rate.
“Merchant Capital was founded on the belief that SMEs are key to addressing South Africa’s systemic challenges, and Discovery Insure is completely aligned with that belief. The founders of Merchant Capital are entrepreneurs at heart, and we are passionate about assisting South African entrepreneurs to grow their businesses. Discovery Business Insurance provides powerful incentives and benefits to SMEs and entrepreneurs to help them grow, reduce their insurance costs and manage their risks,” said Merchant Capital founder and CEO Dov Girnun.
“We have used Discovery Insure’s insights to design a business insurance solution that looks at a business holistically, and the risks they face in the twenty-first century,” says Zuriel Naiker, Head of Discovery Business Insurance.
“By working with Merchant Capital, we will be able to provide Discovery Business Insurance clients, particularly SMEs, with access to alternative working capital to continue to develop their businesses in order to be sustainable going forward.”
Girnun continued: “It’s also personally gratifying to note that Discovery have partnered with Endeavour South Africa, a not-for-profit organisation with 20 years of global experience supporting high-impact entrepreneurs, to provide Discovery Business Insurance clients with a business diagnostic tool which they co-developed with Discovery. Having being selected to join Endeavour‘s global entrepreneurship programme in 2015, I’m well aware of the depth of their knowledge and experience, and have no doubt that the tool will offer entrepreneurs significant value and insights.”