Australian BNPL (buy now pay later) fintech startup Zip has acquired South Africa-based fintech startup PayFlex at an undisclosed figure as part of its plans to expand into Africa. Zip plans to grow the South African business and expand into other African markets with sizeable underbanked, digitally savvy populations that will benefit from innovative payment solutions.
Zip offers point-of-sale credit and digital payment services to the retail, home, health, automotive, and travel industries. 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.