The UAE-based FinTech and BNPL pioneer PostPay raises Venture Debt from the Commercial Bank of Dubai to support its expansion and the further development of its debt financing and E-commerce solutions. Showing great indicators of newfound synergies between traditional banking and up and coming FinTech ventures across Emerging Venture Markets.
Request specific data sets, export tailored directories, and explore the full potential of our Platform. Reach out to our Sales Team
Commercial Bank of Dubai (CBD) one of the leading banks in the UAE has approved a debt financing deal with Postpay, a leading omnichannel Buy Now, Pay Later (BPNL) provider in the Middle East. This inaugural debt financing arrangement is another example of how FinTech and the traditional banking sector are partnering to leverage their collective experience and expertise to enhance the suite of financial products offered in the market.
Founded in 2019 in Dubai, UAE Postpay has solidified its position as a leading buy now, pay later provider in the MENA region. Prior to this venture debt fundraise, The UAE-based FinTech closed a $10M equity round in June 2021 which onboarded Global BNPL leader, Afterpay, and AP Ventures to their Cap Table. Their vision is to provide the region with a best-in-class buy now, pay later solution that benefits both Shoppers and Merchants. They offer shoppers the option to pay in three monthly installments at their partner stores with absolutely no interest or fees.
As recorded in our State of Startup Funding- 2022 Emerging Venture Markets Free Report, the FinTech industry across the Middle East, Africa, Pakistan, and Turkey was the investor industry of choice. In the UAE, every fourth deal was closed by a FinTech venture in 2021 with the industry observing more than 100% YoY growth in funding compared to 2020. Over the past year, it was local & regional investors like Saudi-based STV and UAE-based Global Ventures, Mubadala Ventures, and VentureSouq as well as global investors like Global Founders Capital, BECO Capital, 500 Global, and MSA Capital that drove the VC influx in UAE’s top FinTech Deals 2021. This comes amidst a general increase of investor participation across the Emirates, wherein over 2021 the number of international investors backing UAE-based startups had more than doubled since the year before.
Access our suite of Full Year 2021 Reports covering MENA, Africa, Pakistan & Turkey. Browse our latest and pick your data focus
The strategic partnership with CBD will provide support to Postpay on several fronts including Transaction Banking, Debt Funding, and E-Commerce solutions allowing Postpay to focus on growth and support to its customers and merchant partners. The continued support from CBD will also enable Postpay’s planned expansion in the UAE, KSA, and other GCC countries. The financing facility helps solidify Postpay’s place as the region's leading BNPL firm with the most diverse range of brands. Further, it supports their promise to create a seamless payment journey for consumers and to provide greater financial flexibility both online and in-store across the region. “We are delighted to extend our partnership with CBD, a leading financial Institution that is committed to supporting innovation in financial technology. This facility provides the necessary fuel to our engine and empowers us to achieve our ambitious goals for the future”. said, Tariq Sheikh, Founder and CEO of Postpay.
For CBD, this is the latest step in their FinTech partnership journey; a journey that recently culminated in CBD establishing a permanent presence in the DIFC Innovation Hub, the largest FinTech ecosystem in the region. Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, commented “The partnership with Postpay is in line with our commitment to back our customers’ ambitions. We believe in supporting the growing FinTech ecosystem in the UAE so as to enhance the overall payments sector with innovative digital solutions like BNPL.”
Looking to cash in on this startup landscape? Browse 1,700+ FinTech startups in EVMs