ⓘ Featured image: Spotii co-founder: Ziyaad Ahmed (L) and Anuscha Iqbal
UAE-based ‘Buy-Now Pay-Later’ startup Spotii has raised investment from Daman Investments. The platform was launched in April and has already accumulated over 30 merchants. As a part of the investment, Mahyar Ghassemi, Head of Investments & Advisory, Daman Investments, will join Spotii’s Board of Directors to support the company’s growth and geographic expansion as the business continues its expansion into Saudi Arabia and across the GCC.
Founded by Anuscha Iqbal and Ziyaad Ahmed, the fintech startup enables customers to pay for goods bought online via four equal instalments with no interest. The company aims to empower customers while also offering business owners benefits that include full upfront payment for their sales, larger basket sizes, improved conversion rates and fewer refunds.
Ahmed Khizer Khan, CEO of Daman Investments in a statement said,
“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 eco system in the GCC region.”
Anuscha Iqbal, CEO of Spotii said,
“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.”