South African Fintech Start-Up Payflex Sees Exponential Growth In Just 12 Months!
South African Fintech Start-Up Payflex Sees Exponential Growth In Just 12 Months! Johannesburg-based fintech start-up Payflex, a buy now pay later provider (BNPL), has announced that its part-payment platform grew from a shopper base of 2000 to 85 000 in a mere 12 months. In addition, its customer base grew from 70 merchants in 2019 to 750 this year.
Jarred Deacon, head of growth at Payflex told Venture Burn that he attributes the fintech’s successful growth to its product offering. “The growth in our business, during a pandemic, mirrors e-commerce adoption and expansion. With a BNPL payment option, customers tend to convert quicker and since they only pay for a quarter of their purchase right away, they tend to buy more and load their shopping cart. Merchants are settled in full for all purchases next business day, which increases cash flow and lowers fraud and chargeback risks. It’s a no-brainer.”
Payflex is a payment platform that enables shoppers to get what they want now and pay later. Its service is interest and fee-free and shoppers can pay for their goods over 6 weeks. Its mission is to offer consumers the opportunity to shop now and pay later, interest-free. In 2017, it realised that South Africans needed a new way to pay, a payment solution that does not rely on costly credit and is simple to use. A payment revolution that helps consumers get what they want today and pay later over 6-weeks, interest-free. So it looked abroad and brought the best of the Buy-Now Pay-Later (BNPL) payment revolution to South Africa’s shores. The best of Afterpay, Klarna and Zip, localised and improved to meet the needs of South African shoppers.
“A leading tech retailer in South Africa which offers Payflex confirmed that Payflex generates the highest number of referral leads, indicating that Payflex is following the global BNPL trends,” adds Deacon.
Its technology and services have been built by a passionate bunch of people with deep backgrounds in financial services, payments and technology and with a common goal to deliver a world-class payment solution to shoppers that is superior in all respects to traditional credit-based payment products. Payflex is backed by ZIP, a leading Australian fintech company with over 3.5 million customers across the US, UK, Australia and New Zealand.
