Lausanne, Switzerland-based ZoodMall, a cross-border e-commerce platform today announced that it has raised $10 million in a Series A funding round.
At present, the ZoodMall app is operational in Central Asia and the Middle East in countries including Uzbekistan, Iraq, Lebanon, Kazakhstan, and Azerbaijan. The company has revealed that the fresh funds will be utilised to expand ZoodMall’s presence across countries in the Middle East region including, Jordan, Kuwait, Bahrain, and Saudi Arabia – leveraging its fintech solution ZoodPay.
The ZoodMall app is available on Google PlayStore and iOS – sourcing over 4 million cross-border products from over 30,000 sellers which includes low-cost and top-tier mobile phones, apparel, accessories, beauty, home and garden products, children toys and more.
Commenting on the funding round, Michael Khoi, CEO of ZoodMall in a statement said,
“With the backing of our financial and regional strategic partners, ZoodMall will be rapidly developing its leadership position in the large and fast-growing market for cross-border B2C marketplaces, building on its strength as a capital-efficient marketplace and its BNPL model to reach a target market of over 200 million consumers in more than 15 countries across the CIS and MENA.”
Speaking of the ZoodPay solution, Khoi added,
“Our marketplace shopping app brings a unique value proposition by offering a one-stop experience on cross-border and local products with our own ‘Buy Now Pay Later’ solution, ZoodPay. Customers can purchase online from more than 30,000 sellers and four million products with three easy installment plans of 0, 30, or 60 days to settle without incurring interest charges.”