Kenyan-based fintech, Sycamore Capital, has commercially launched its Cashlet App following successful testing and regulatory oversight over the past 2 years. This comes after the fintech made its exit from the Capital Markets Authority (CMA) sandbox as an intermediary services platform provider. The successful exit has paved the way for Sycamore Capital to roll out widely its savings and investing app.
Founded in 2007, Sycamore Capital was admitted to the CMA’s regulatory sandbox in June last year. The admission to the regulatory sandbox program would allow the fintech to test its Cashlet App, a mobile-based unit trust investment application. Following the successful beta testing phase that saw more than 10,000 Kenyans sign up for the app, the Cashlet App is now getting a wider rollout.
The Cashlet App
The Cashlet App, now available for download on both iOS and Android, provides a seamless and secure application that allows Kenyan consumers to save and invest in several money market funds from one platform. This includes licensed Kenyan partner fund managers such as ICEA Lion Asset Management, Etica Capita, and Orient Asset Managers.
The app is designed to offer a simple and convenient savings experience by offering a simple onboarding process taking less than a minute to set up an account and an easy-to-use UI.
Cashlet allows customers to start saving with as little as KES 100 and subsequent top-ups can be as low as KES 50. Sycamore Capital says this is designed to make the platform accessible to everyone. In addition, customers can create multiple savings goals with the app enabling real-time monitoring of investment growth of their savings. The platform offers interest rates ranging from 11-15% p.a on customers’ savings.
Customers can get instant access to their funds in the event of an emergency. Cashlet has no lock-in periods and customers can withdraw and receive funds into their Mpesa account within seconds.
“We are committed to ensuring that every individual, irrespective of their financial standing, can benefit from our platform. The goal is not merely to set money aside but to empower users to earn strong returns/interest on their savings and have comprehensive control over their financial journey,” said Aggrey Obimbo, a Director at Cashlet. “Cashlet is designed for everyone. Whether you’re starting with a small sum or have more substantial financial resources, our platform is tailored to meet your unique financial goals.”