South African buy-now-pay-later (BNPL) provider PayJustNow has partnered alternative lender Merchant Capital to expand access to working capital for retailers with a new cash advance offer, PayJustNow Advance.
Launched in 2019, PayJustNow is South Africa’s largest BNPL provider with over 1.3 million customers, 2,500 directly integrated merchants and 8,000 points of presence throughout the country.
Merchant Capital, meanwhile, is a leading provider of alternative funding in the form of working capital to SMEs through its customised, technology-led lending solutions.
The partnership between the two will enable small and medium size businesses to innovate and scale their operations to further contribute to economic growth and job creation.
“The retail sector is experiencing a challenging trading period with economic headwinds leading to declines in retail sales as cash-strapped consumers tighten the purse strings. With quick access to the right funding, we believe South African retailers have a better opportunity to leverage opportunities to grow and thrive,” said Craig Newborn, CEO at PayJustNow.
“It was important for us to partner with an entrepreneur-led business that understands the challenges facing South African businesses. The current market conditions heighten the need to keep fuelling the growth of retailers through innovative payment and funding solutions.”
PayJustNow merchants will receive a personalised funding offer directly to their inbox based on cash flow and affordability data.
“Our rich data gives us a deep understanding of our merchants, ensuring that the funding contributes to their growth, rather than to the detriment of their cash flow. Retailers can apply for a PayJustNow Advance immediately or when the time is right for them,” said Newborn.
