Miranda Perumal: A Journey of Resilience and Innovation in Fintech
Miranda Perumal’s journey is a testament to resilience and determination, shaped by her challenging upbringing in South Africa. Growing up amidst emotional hardships and limited opportunities, she learned early on the importance of perseverance. "Our lives are similar to those we want to impact," she shared in an interview with Connecting Africa, reflecting her commitment to making a difference.
Early Life and Entry into Fintech
As a teenager, Perumal took on the responsibility of supporting her family, which laid the groundwork for her future endeavors. At just 20 years old, she was given a chance to enter the payment industry, despite having no formal qualifications or experience. "I didn’t even know what Mastercard was when I got my first job," she recalls, highlighting the steep learning curve she faced.
Her determination propelled her through the ranks at Tutuka, an issuer-processor later acquired by Teya, now known as Paymentology. Eventually, she became the senior director and head of digital partnerships, fintech, and ventures for sub-Saharan Africa at Visa. These roles provided her with invaluable insights into corporate operations and the barriers faced by fintechs and consumers in African markets.
Addressing Payment Access Challenges
In 2023, Perumal founded Scale with a mission to build fintech solutions that cater to individuals and tackle payment access challenges across Africa. Scale operates as an issuing orchestration platform, helping businesses launch card programs and grow sustainably. By simplifying complexities and addressing local market nuances, Scale aims to accelerate go-to-market strategies and support long-term growth.
"We know how to solve the problem because we’ve spent so much time in these markets, working with the ecosystem," Perumal asserts. In many African markets, mobile devices serve as the primary channel for financial transactions, with platforms like Safaricom’s M-Pesa and MTN Mobile Money dominating. However, these systems are often fragmented, limiting consumers and merchants to domestic transactions.
The Need for Interoperability
Perumal highlights a significant challenge: "Domestic payments are largely catered for. But how do you create sustainable interoperability across borders?" Financial inclusion varies widely, even within the same country, and many users struggle with costly processes to send or receive money internationally.
This is where Scale steps in. By collaborating with telcos, fintechs, and global processors like Mastercard, the platform aims to simplify regional and international transactions. Scale’s open-loop payment system allows for interoperability across providers and borders, making it easier for users to navigate the financial landscape.
Building a Purpose-Led Company
Perumal’s vision extends beyond just empowering end-users; she is equally focused on how Scale is built. The company is designed as a purpose-led organization that reflects her values and journey. Committed to creating opportunities for individuals from non-traditional backgrounds, she emphasizes the importance of empathy in business.
"I found a graphic designer on Instagram. He started helping with a few images, and now I’m priming him to be my next chief marketing officer," she shares, illustrating her commitment to nurturing talent and fostering growth within her team.
The Founder’s Journey
Like many founders, Perumal faced challenges in gaining traction for her startup. Initially, she reached out to potential partners through LinkedIn and emails, often met with silence. Realizing the need to raise her profile, she began speaking at industry events, such as the Africa Tech Festival. "It proved to the industry that the business I am building is worth something," she explains.
Instead of chasing early venture capital, Scale focused on building traction by identifying partners struggling with card payments. This approach validated the demand for its platform and laid the groundwork for future funding. By launching a managed services offering, Scale generated revenue that supported early operations and paid her team.
Securing Funding and Future Plans
With a solid foundation in place, Scale successfully raised $700,000 from venture capitalists, including 54 Collective and First Circle Capital. This funding will be directed towards accelerating platform development and launch, while the managed services revenue continues to support operations.
Perumal offers valuable advice to early founders: "You have to be in front of your customers. We are always on a flight and always in the market because it is so critical to moving the needle." She emphasizes the importance of generating cash flow quickly and maintaining control over one’s vision.
Looking Ahead
As Scale prepares for its next phase, Perumal expresses excitement for her team and the diverse backgrounds they bring. "We are building the next generation of payment leaders," she says, committed to fostering growth and industry exposure.
The upcoming focus will be on product development, driving revenue, and generating traction. With a strong team and key partnerships, Scale is poised to make a significant impact in the fintech landscape across Africa. "A lot of people don’t take me seriously, which I love. I love being the underdog and I’m excited to prove them wrong with products that are adding value to people’s lives."
