Weaver Fintech acquires South African fintech startup PayJustNow
PayJustNow, a Cape Town-based fintech startup, has sold a controlling stake in its business to Weaver Fintech as it seeks to expand in the buy now, pay later (BNPL) space.
PayJustNow, which launched in August 2019, is the largest business of its kind in Southern Africa, with over 180,000 customers and over 1,000 retailers carrying its product.
The solution offered by the startup is a responsible alternative to credit, with no fees charged unless payments are missed. The PayJustNow system assesses shopper affordability, schedules automated deductions, and sends reminders to ensure that payments are not missed.
Weaver Fintech, HiL’s Mauritian financial services subsidiary, has now acquired it. Through its FinChoice brand, Weaver Fintech provides personal lending, insurance, payments, and value-added services on digital platforms. It has now added PayJustNow to its stable of acquisitions, taking an 85 percent stake in the company.
With a focus on personal lending, insurance, and value-added services, Weaver Fintech’s investment in PayJustNow marks Weaver Fintech’s entry into the payments space while also providing PayJustNow with capital to further its growth strategy.
Craig Newborn, PayJustNow’s founder and CEO, stated that the investment presented exciting opportunities 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.
