Dubai, UAE-based Spotii, a ‘buy now, pay later’ (BNPL) startup, on Thursday, announced that the company has secured a strategic investment from Australia-based BNPL company Zip.
Zip is listed in the Australian stock exchange. As a part of the deal, Zip will provide Spotii with the access to expertise, public financial support, technical know-how and access to a global merchant network, while enabling Spotii’s merchants to access new geographic opportunities, including the US, UK, Australia and New Zealand.
Founded earlier this year by Anuscha Iqbal and Ziyaad Ahmed, the fintech startup enables customers to pay for goods bought online via four equal installments with no interest. Customers get access to a simple budgeting tool allowing them to pay for purchases over time while merchants enjoy more sales.
Speaking of the development for Spotii, Anuscha Iqbal, Co-founder & CEO of Spotii, in a statement said,
“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 organisations 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,”
The company claims that it has garnered over 600 merchants across UAE and Saudi Arabia on its platforms. Spotii’s merchants have reported a 40 percent growth from new customers to an average order-value increase of 70 per cent and a conversion uplift of 55 per cent.
Larry Diamond, CEO and Managing Director of Zip, 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,”
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.”