South African Fintech Payflex Secures Funding From Australian Multinational

Payflex, a Johannesburg-based fintech startup, announced that it secured an undisclosed investment from Zip Co Limited, an Australian-listed multinational. Zip Co is a buy now pay later fintech firm, with a market cap of over USD 3.9 Bn.

Payflex operates on a buy-now-pay-later (BNPL) model that allows customers to shop at over 650 well-known online stores like Superbalist, and the payments are split over four interest-free installments. The platform has been developed to inform users how and when payments are required, creating a transparent buy now pay later system with consumers.