Spotii, a 'Shop Now, Pay Later' platform successfully raises funding from Daman Investments

Spotii, an innovative digital payments platform focused on fashion, beauty, and lifestyle brands that are already making waves across the GCC e-commerce landscape, successfully raised funding, led by Daman Investments.

Connect with and message Spotii's founders on their MAGNiTT profile.

Spotii has developed a trusted and inclusive way for customers to “Shop Now and Pay Later” over four equal installments with no interest, no cost, and no catch. Additionally, business owners receive several tangible benefits, including a full upfront payment for their sales, larger basket sizes, improved conversion rates, and fewer refunds.

As sister and brother, in addition to being founding partners, Anuscha Iqbal and Ziyaad Ahmed designed Spotii around a shared goal of helping small businesses and local brands by making their product offerings more attainable for the UAE shopping community.

Spotii’s mission is to empower customers to enjoy their shopping experience without worrying about excessive costs or hidden fees. At the same time, Spotii provides business owners with a proven and dynamic conversion strategy that also enhances customer loyalty. Spotii was designed to support the region’s e-commerce ecosystem and grow a vibrant community centred on people and trust. As more businesses gravitate online, providing an easy-to-use consumer-friendly payments solution is a vital value-added service that businesses can offer their customers.

“The launch of this payments platform couldn’t have come at a better time, especially as business owners navigate the current market turbulence in order to position themselves for future success. We have been monitoring the start-up landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region. Spotii, as a brand and the strong team behind it, has successfully tapped into the rapidly changing consumer buying behaviour. We are confident that this product is well-positioned to greatly contribute towards the fast-developing fintech ecosystem in the GCC region” said Ahmed Khizer Khan, Chief Executive Officer of Daman Investments.

“We are extremely excited to be partnering with Daman Investments. Daman has been an active advocate of regional start-ups for decades providing long-term support and we look forward to growing Spotii together through our strategic partnership,” said Anuscha Iqbal, Chief Executive Officer of Spotii.

Spotii went live in April and already has 30+ merchants on its platform with more being added constantly. We are partnering with an innovative executive team that is already in the process of growing its offering giving consumers flexibility and easy to use solutions,” added Mahyar Ghassemi, Head of Investments & Advisory at Daman Investments.

Mahyar will join Spotii’s Board of Directors to support Spotii’s growth and geographic expansion as the business continues its expansion into  Saudi Arabia and across the GCC.

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An encouraging 33 startup deals took place in May 2020, which was an increase of 93% compared to April. This was largely driven by the Misk500 MENA Accelerator, which graduated its third batch of startups. Discover more details in our May 2020 Dashboard Report.