Weaver Fintech Announces The Acquisition Of Cape Town Based Start-Up ‘PayJustNow’
Weaver Fintech Announces The Acquisition Of Cape Town Based Start-Up ‘PayJustNow’. Weaver Fintech formerly known as HiL has announced that it has acquired a 85% majority stake in Cape Town based, Buy Now Pay Later (BNPL) startup ‘PayJustNow’. This adds another vital ingredient, payments, to Weaver Fintech’s consumer offering.
Craig Newborn, CEO of PayJustNow said in a statement, “The investment presents exciting opportunities, and the robust capital base opens doors for expansion and further product development, which will add significant benefit for both our consumers and merchants.” According to Weaver Fintech, BNPL is one of the fastest-growing segments in the booming payments space, with significant consumer appeal and adoption, and the ability to drive improved conversion and higher sales for merchants. Analysts predict consumers globally will make nearly $100 billion in retail purchases using BNPL in 2021, up from $24 billion in 2020 and $20 billion in 2019.
With its transparent, convenient, risk-free and #zerointerest payment option, PayJustNow is winning over consumers and proving a valuable partner to South African retailers. Customers can use PayJustNow’s three split payment, interest-free option at more than 2 500 points of sale, both online and in-store. The pace of customer adoption has been strong as consumers recognise the benefits of PayJustNow, accelerating to over 180 000 customers signed up since launched in August 2019.
HIL Chairperson, Shirley Maltz, said in a statement, “Not only does the BNPL sector provide highly attractive growth prospects as a standalone product set, but with the acquisition of PayJustNow, Weaver Fintech now has a base of over 410 000 fintech customers and 170 000 digital wallet customers, with the opportunity to cross-sell products, which enables highly efficient customer acquisition.”
Through this acquisition Weaver Fintech seeks to build its operations so that they can cater to a bigger customer base. Using PayJustNow’s BNPL strategy the company thinks that it will be able to attract more customers.
