Cape Town-based fintech startup PayJustNow has sold a controlling stake of its business to Weaver Fintech as it targets ongoing growth in the buy now, pay later (BNPL) space.
Launched in August 2019, PayJustNow is the largest business of its kind in Southern Africa, with more than 180,000 customers signed up and over 1,000 retailers offering its product.
The startup’s solution is a responsible alternative to credit, with no fees charged unless payments are missed. The PayJustNow system determines shopper affordability, schedules automated deductions, and sends reminders to make sure shoppers do not miss a payment.
It has now been acquired by Weaver Fintech, the Mauritian financial services subsidiary of HiL, which offers personal lending, insurance, payments, and value-added services on digital platforms through its FinChoice brand. Through its first acquisition, it has now added PayJustNow to that stable, taking an 85 per cent stake in the business.
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, said the investment presented exciting 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,” he said.
