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Zip acquires BNPL fintech Payflex to boost instalment payments in Africa

Wednesday 1 September 2021 13:01 CET | News

Digital retail finance platform Zip has announced its intention to fully acquire South Africa-based Buy Now, Pay Later (BNPL) fintech Payflex as part of its global expansion plans. 

With a presence in twelve markets across five continents, Zip plans to grow the South African business and expand into other African markets with underbanked, digitally savvy populations that will benefit from innovative payment solutions.  

Payflex has grown from a base of just 70 merchants in 2019 to over 1,000 active merchants today, including leading brands such as Superbalist, Cotton On and Runwaysale. Over 135,000 customers have used Payflex - five times the customer base of 25,000 just a year ago (August 2020). 

The BNPL model allows qualifying Payflex shoppers to split the cost of their purchase into four equal instalments, payable over 6-weeks, interest-free. Shoppers can apply in seconds with no paperwork, and a late fee is only payable if they miss a scheduled instalment. Customers can pay their Payflex instalments with any Visa, Mastercard, or American Express card.

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Keywords: acquisition, BNPL, online payments, Visa, Mastercard
Categories: Payments & Commerce | Online Payments
Countries: South Africa
This article is part of category

Payments & Commerce