PayJustNow CEO discusses new deal with Weaver Fintech, boom in SA’s buy now, pay later market

PayJustNow, a Cape Town-based venture, has been making waves in the booming buy now, pay later market in South Africa. The CEO, Craig Newborn, recently sat down with CNBC Africa to discuss the company's unique business model and a recent investment deal with Weaver Fintech. PayJustNow distinguishes itself from other split payment options by offering consumers the ability to make purchases in three installments with no additional fees or interest. This model allows consumers to walk away with their products immediately, a significant advantage compared to traditional lay-bys. The company takes on the risk of the consumer and settles the merchant in full, providing a seamless and convenient shopping experience. To generate revenue, PayJustNow charges merchants a slightly higher fee than standard credit or debit card transactions. The company employs a fully automated risk-assessment process to vet clients and ensure payment reliability. While rising interest rates could impact the business, PayJustNow adjusts its model based on the cost of capital and the duration of carrying goods. The recent investment deal with Weaver Fintech, in which Weaver acquired an 85% stake in the business, has provided a significant capital infusion for expansion. This investment will allow PayJustNow to scale its operations and reach a goal of serving over a million South African customers. Additionally, the partnership with Weaver brings valuable expertise in consumer lending and insurance, enabling PayJustNow to develop new products and enhance customer offerings. The company sees opportunities for growth in leveraging consumer data and insights to improve the customer experience and help merchant partners better understand their target market. PayJustNow is also exploring expansion into other African countries, building on its success in South Africa. With a focus on simplifying the checkout process, offering affordability, and providing valuable analytics, PayJustNow is poised for further growth and success in the buy now, pay later market.