Cape Town-based start-up PayJustNow has announced a significant investment by a major fintech player that will drive its ongoing growth in the booming buy now, pay later (BNPL) space.
Established in 2019, PayJustNow has shown significant customer and merchant growth, with 180 000 shoppers signed up, and available at more than 2 500 points of purchase.
This growth potential was seen by Weaver Fintech, making its first acquisition of an 85% stake in PayJustNow.
Also in the Weaver Fintech stable is Finchoice, a mobile-first fintech. With a focus on personal lending, insurance and value-added services, the investment in PayJustNow signals Weaver Fintech’s entry into the payments space while giving PayJustNow access to capital to further its growth strategy.
Craig Newborn, founder and CEO of PayJustNow, says the investment presents new opportunities, opening the door for expansion and further product development to serve not only consumers but also merchants.
“Weaver Fintech’s recognition through their investment and funding is an affirmation that what we set out to do holds real value,” says Newborn.
The BNPL sector is growing both locally and abroad. It currently only makes up 2% of the global market, but consumers are expected to make nearly $100 billion in retail purchases using BNPL in 2021, up from $24-billion in 2020 and $20-billion in 2019.