Payflex, a South African based fintech startup, has raised equity investment funding from Zip Co Ltd, an Australian based listed digital global payments company. Payflex was established in 2017 and offers South African consumers the opportunity to shop online for their products on a short-term credit basis and pay later. The stake acquired or the amount invested in Payflex was not disclosed.
Zip Co Ltd is a global player in the digital retail finance and payments industry offering point-of-sale credit and digital payment solutions. The company processes $2.1-billion in transaction volumes, generates revenues of $161-million and operates in the Australia, New Zealand, USA and the UK. Zip Co is listed on the Australian stock exchange with a market capitalisation of $4.2-billion based on May 2021 market valuations.