RCS acquires Mobicred – an online credit platform used by iStore, Takealot and Superbalist

RCS has acquired Mobicred, which will add new retailers to its existing network of over 28,000 stores. Mobicred is available from over 4,000 online merchants. Photo: Mobicred Facebook

  • RCS has acquired online credit provider Mobicred.
  • Over 4,000 online retailers in South Africa already have Mobicred as one of their payment options.
  • RCS also has a network of over 28,000 stores.

Unsecured consumer credit provider RCS has acquired Mobicred. The company, owned by the French group BNP Paribas, is now entering the booming market of buy-it-now and pay-later to finance retail purchases.

Mobicred already describes itself as SA’s main online credit provider. Founded in 2013, Mobicred’s platform is already integrated into more than 4,000 online stores in South Africa.

Online retailers like Takealot, Superbalist, NetFlorist and their traditional counterparts that have online stores have Mobicred as one of their payment options. Other major retailers using it include iStore, Incredible Connection, Hifi Corporation, and even travel providers such as Travelstart and Lyft Airlines.

Mobicred founder and CEO Jason Sive said the company has achieved 70% year-on-year growth since launch.

RCS CEO Regan Adams said there has never been a better opportunity to tap into the growing e-commerce environment. Mobicred will add new brands to RCS’ already well-established retail network of more than 28,000 stores.

“Our acquisition of Mobicred enables us to better meet the needs of South African consumers who require a more diverse suite of credit solutions to help them access and manage their purchases. The acquisition of Mobicred was the natural next step in RCS’ digital transformation strategy. he said.

He added that Mobicred will perfectly complement RCS’s existing offering, as its customers will be able to switch to any shopping platform they choose, whether in-store or online.

“The acquisition also allows the group to tap into new customer segments, with a particular focus on Generation Z and Millennials – the biggest proponents of online sales in South Africa,” RCS said in the statement. .

Adams said RCS’s parent company, BNP Paribas, is constantly looking for ways to strengthen its commitments to more consumers. Due to the rapid growth of e-commerce, its main focus now is to combine the physical footprint of the RCS store with more digital capabilities.

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David A. Albanese