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the “Buy Now Pay Later” (BNPL) Super App ZoodPay has successfully raised $38M in its latest funding round. The Series B fundraising observed participation from leading global investors including London-based VC Sturgeon Capital, Zain Group’s venture capital arm ‘Zain Ventures’, and other key strategic global investors.
Headquartered in Switzerland, the ZoodPay & ZoodMall app has already more than 8 million users and ten offices across the Middle East and Central Asia. The business commits to delivering a "Swiss quality" shopping experience and cross-border services to merchants and shoppers across fast-growing fintech and e-commerce emerging markets such as Uzbekistan, Iraq, Jordan, Lebanon, and Kazakhstan.
The third quarter of the year proved consistent with the stellar year of FinTech across MENA, Turkey, and Pakistan. Observing a 55% Quarter-on-Quarter growth of funds backing FinTech across MENAPT, the industry observed yet another quarterly record as most recently recorded in Q3 2021. Most remarkably, online payment solutions and financial structuring services have been a hot target for VC investors across MENAPT as observed in FinTech Funding Rounds 2021 YTD. Of which, startups like BPL platforms Tabby (UAE) and Colendi (Turkey) raising major rounds this year. In parallel to setting the payment infrastructures that push forward with cashless and flexible payment processes, FinTechs like BitOasis, Sarwa, and most recently Fintech Galaxy, and Tarabut Gateway have raised rounds this year to explore the worlds of Cryptocurrency, Open Banking, and Digital Investment.
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ZoodPay offers two products, ZoodPay BNPL, a 4-installments plan with 0% interest, and ZoodPay Credit, an extended BNPL product (up to 12 months) with interest in certain markets. The company’s BNPL is available through multiple distribution channels: ZoodMall, its own marketplace with 7 million products, as well as across thousands of online and offline shops in its core geographies. ZoodPay’s Buy Now, Pay Later ecosystem includes the ZoodMall marketplace, and the logistics local and cross-border system, ZoodShip. This ecosystem empowers and incentivizes merchants in the Middle East, Central Asia, China, Europe, Russia, and Turkey to open their storefronts to local, low-penetrated, and fast-growing markets without additional set-up costs or fees.
ZoodPay is showing strong growth momentum in Central Asia and the Middle East and is already the number one Super App in Iraq, Jordan, Lebanon and Uzbekistan. This momentum will continue over the coming years, as the fintech company broadens its scope of activity in existing markets and enters new ones. Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay and ZoodMall commented, “This new funding will be value-accretive to all our stakeholders, as we expand across the Middle East and Central Asia. We’re improving people's lives by offering digital-savvy shoppers and the underbanked population the most convenient instant online and offline installment payment solutions for their shopping experience. We would like to thank our investors for their trust and confidence, and we look forward to taking the ZoodPay Super App ecosystem to new heights.”
ZoodPay will utilize the Series B funding to accelerate its growth and expansion across the Middle East and Central Asia, stimulating local and cross-border e-commerce transactions through its marketplace (ZoodMall) and ‘Buy Now Pay Later’ solutions. The company is contributing to socio-economic development, creating jobs across its market footprint and beyond.
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