PayJustNow, a fintech firm located in Cape Town, has sold a majority share in the company to Weaver Fintech in order to continue growing in the purchase now, pay later (BNPL) area.
PayJustNow, which was launched in August 2019, is the largest business of its sort in Southern Africa, with over 180,000 clients and over 1,000 businesses providing its service.
The startup’s solution is a responsible credit alternative that charges no fees until payments are missed. The PayJustNow system analyzes a shopper’s affordability, schedules automated deductions, and provides reminders to ensure that a payment is not missed.
Weaver Fintech, HiL’s Mauritian financial services company, has purchased it. Weaver Fintech provides personal financing, insurance, payments, and value-added services on digital platforms. It has now added PayJustNow to its list of acquisitions, acquiring an 85 percent ownership in the company.
With an emphasis on personal loans, insurance, and value-added services, Weaver Fintech’s investment in PayJustNow indicates Weaver Fintech’s entry into the payments industry while also providing funds for PayJustNow to continue its expansion plan.
The investment, according to Craig Newborn, founder and CEO of PayJustNow, presents exciting potential for expansion and additional product development to serve not just customers 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.
