Buy Now, Pay Later platform Spotii receives strategic investment from Zip Co
Spotii, a Buy Now, Pay Later platform based in the UAE, has announced a strategic investment from Zip Co, an Australian-based BNPL company.
With more than 600 integrated merchants across the UAE and Saudi Arabia, Spotii provides shoppers the ability to defer payments or pay across four equal installments, with no cost or hidden fees. Spotii’s goal is to support the region’s e-commerce ecosystem and provide a consumer-centric product that backs customers while helping merchants boost customer loyalty.
The combined forces of Spotii and Zip will provide a wealth of new opportunities for GCC merchants, driving new customer uptake, accelerating revenue growth for merchants, and expanding the local BNPL market.
Through the partnership, Zip will provide Spotii access to expertise, strong public finance support, technical know-how, and access to a global merchant network. The collaboration also allows for technology, data analytics, and risk-management sharing across the two companies, bringing best practices to the region in a localized way. Through Zip’s global reach, Spotii merchants will also be able to access new and exciting geographic opportunities, including the US, UK, Australia, and New Zealand.
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Larry Diamond, Zip CEO and Managing Director said, “Spotii’s focus on data analytics, technology, exciting product roadmap, and customer-friendly approach ensures the company will remain the region’s leader, delivering an exceptional experience for merchants and customers. Together, our vision is to disrupt the payments sector with digital and fairer alternatives. We look forward to the exciting road ahead. Zip is excited to be partnering with Anuscha, Ziyaad, and the rest of the Spotii team."
Anuscha Iqbal, Co-Founder and CEO of Spotii commented, “Buy Now Pay Later is booming globally and the region is no different. The pandemic has accelerated the need to provide new and innovative solutions to merchants and consumers alike in a period of rapid digital adoption. Spotii has been working to create a consortium of strategic partnerships with best-in-class organizations in the payments and technology sector, first with Microsoft, then with Mastercard and now with Zip, in order to provide truly differentiated and unique solutions,”
Ziyaad Ahmed, Co-Founder and COO of Spotii added, “Spotii’s mission is to empower customers and enable them to enjoy their shopping experience without worrying about excessive costs and hidden fees. Our advanced and proprietary data analytics and risk engine allows customers to find their ideal merchant at the right time, using tools such as a smart shop directory and a geolocation promotion finder. To be able to tap into Zip’s vast experience, financial support and network are invaluable, as is the potential to collaborate and further advance in areas such as technology, geographic expansion, and future payment options."
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