Spotii, a UAE-based Buy Now Pay Later platform has been acquired by Sydney-headquartered Zip at an enterprise value of $16M. Zip had made an undisclosed strategic investment in Spotii back in December 2020, and owned a 20% stake in the Fintech startup.
Founded in 2019 by Anuscha Iqbal and Ziyaad Ahmed, Spotii is a payments platform for Fashion, Beauty and Lifestyle brands, where customers are able to pay across instalments with no interest and no costs. The startup launched its platform in May 2020 and later expanded to Saudi Arabia.
Anuscha Ahmed, Spotii’s co-founder and CEO, commented “Since founding Spotii in early 2020, we’ve seen significant uptake of the platform by merchants and customers, highlighting the appetite and need for BNPL solutions in the MENA region. Joining forces with Zip – a global leader in the BNPL space – will enable us to drive further growth by tapping into the company’s advanced technology and expertise.”
Larry Diamond, co-founder and CEO of Zip, added “The Spotii acquisition is an important step in Zip’s global expansion and international strategy, with E-commerce in the Middle East on a significant upward trajectory. We have been working with Spotii since our initial investment in December 2020 to broaden our understanding of the BNPL opportunity in the region and have a number of exciting global merchants we are looking forward to activating in the coming months. We also believe there is a large untapped opportunity to bring BNPL to emerging markets where cash on delivery remains a significant merchant challenge, and where the digitisation of retail accelerates.”
Want more data on startups that were acquired? Check out our Exits Directory for more data on 190+ startup exits