(2 August 2019) Bidorbuy, the parent company of South African online marketplace bobshop.co.za, has completed the sale of its stake in local payment services provider PayFast to DPO Group for an undisclosed sum.

Bidorbuy, which made its initial investment in 2010, was the largest shareholder in PayFast, a payment processing service which enables the online transfer of funds between buyers and sellers.

“We are proud to have played a role in the growth of this cutting-edge fintech business,” commented Craig Lubbe, bobshop.co.za CEO. “The strategic decision to divest Bob Shop of its stake in PayFast will allow us to further intensify our focus on our core business, namely facilitating online trading between independent buyers and sellers.”

“The proceeds from this sale will allow us to consolidate our position as one of South Africa’s favourite online shopping destinations. Buyers and sellers can look forward to enhanced experiences and functionality as we mark twenty years of bobshop.co.za,” he added.

The bobshop.co.za platform provides numerous payment methods to its buyers and sellers, from bitcoin and cash deposits to local proprietary payment options and shopping on finance. While EFT is one of the most popular payment options on Bob Shop, credit card payments show a steady rise as South Africans are becoming more confident when shopping online.