BNPL provider PayJustNow partners Merchant Cap on business lending
TLDR
- PayJustNow partners with Merchant Capital to introduce PayJustNow Advance, expanding access to working capital for retailers.
- PayJustNow serves over 1.3 million customers and 2,500 merchants, while Merchant Capital focuses on funding SMEs.
- The partnership aims to help SMEs innovate, scale operations, and contribute to economic growth and job creation.
South African buy-now-pay-later (BNPL) provider PayJustNow has partnered with alternative lender Merchant Capital to introduce PayJustNow Advance, a new cash advance offer to expand access to working capital for retailers.
Founded in 2019, PayJustNow serves over 1.3 million customers with 2,500 directly integrated merchants and 8,000 points of presence nationwide.
Merchant specializes in providing alternative funding to small and medium-sized enterprises (SMEs) through its lending solutions. The partnership aims to enable SMEs to innovate and scale their operations, contributing to economic growth and job creation.
Points clés à retenir
Small and medium-sized enterprises (SMEs) constitute about 98.5% of all commercial enterprises in South Africa. However, a 2018 survey revealed that only 6% of these businesses had received government funding, and just 9% had accessed bank and other private-sector financing. The availability of working capital is crucial for business owners, particularly retailers who must quickly adapt to customer needs and market trends. With readily accessible funding, retailers can reinvest in their businesses, plan for expansion, and improve daily operations. This highlights the importance of initiatives like the new PayJustNow Advance cash advance offer, which aims to bridge the funding gap for SMEs.
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