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Zip Co Limited, an Australia based firm, invests in South Africa's PayFlex.

Payflex secures undisclosed funding from Zip Co Limited

In a press release, Paul Behrmann, CEO and founder of Payflex, revealed that the startup had secured funding from Zip Co Limited. Although, the actual value of the investment is unknown.

Paul Behrmann CEO and Founder of Payflex|Source: Afrikan Heroes

The South African Fintech startup Payflex adopts a buy pay later model that enables customers to shop at over 650 well-known online stores such as  Cotton-on, Superbalist, and The Pro Shop. Payments are split over four interest-free instalments.

In a press release, Behrmann said that the investment and support by Zip Co is a vote of confidence in local fintech innovation and the market opportunities inherent in South Africa.

"Although Zip was launched in Australia, it has expanded into the USA, Britain, and New Zealand. With a leader in the buy now pay later (BNPL) space investing in Payflex from inception, we have the financial muscle to expand our footprint and provide merchants with comfort that the company they are dealing with has solid financial backing," Paul Behrmann CEO and founder of Payflex.

Payflex claims that it has more than quadrupled year-on-year customer sign-ups.