SA fintech startup PayJustNow acquired by Weaver Fintech

PayJustNow, a fintech firm based in Cape Town, has sold a controlling stake 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 offering its service.

The startup’s solution is a responsible credit alternative that charges no fees unless 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 subsidiary, has purchased it. Through its FinChoice brand, Weaver Fintech offers 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 strategy.