- The funding will support the company in expansion and improve people’s lives by offering to digital-savvy shoppers and the underbanked population
- Zain Ventures, UK-based Sturgeon Capital, and other existing investors join the funding round
- ZoodPay witnessing strong growth momentum across its core geographies, expanding to new markets
ZoodPay, the “Buy Now Pay Later” (BNPL) Super App has successfully completed a $38 million Series B fundraising, attracting significant attention from leading global investors. London based VC Sturgeon Capital, Zain Group’s venture capital arm ‘Zain Ventures’, and other existing investors joined the funding round. Zain Group is a leading telecom operator, present in 7 countries and serving over 48 million customers across the Middle East and Africa.
Headquartered in Switzerland, the ZoodPay & ZoodMall app has already garnered over 8 million users and ten offices across the Middle East and Central Asia. The business commits to delivering “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.
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.
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 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.
Speaking of the development, 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 to digital savvy shoppers and the underbanked population the most convenient instant online and offline instalment 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: An innovative Ecosystem for Merchants
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. Merchants have a unique one-stop value proposition by offering ZoodPay’s BNPL solution in their offline and online stores and/or by listing their products on ZoodMall. ZoodPay will support merchants in gaining new customers with higher-order value and building brand loyalty by offering:
- Secure, flexible, and popular payment methods either by cash or through ZoodPay’s “Buy Now Pay Later” solution.
- Creating demand generation and marketing for products through ZoodMall, ZoodPay’s B2C marketplace, which offers more than 7 million products from over 30,000 local and cross-border sellers
- Full-operational logistics support for delivery and customer support to reduce product returns.