UAE-based buy now, pay later (BNPL) startup Spotii, has received a strategic investment from Australia-based BNPL company Zip.
Zip, which is listed on the Australian stock exchange, is expected to provide Spotii access to expertise, public finance support, technical knowhow 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.
“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,” said Anuscha Iqbal, co-founder and CEO Spotii.
Founded earlier this year, Spotii provides shoppers with the ability to defer payments or pay across four equal instalments, with no cost or hidden fees. Through the platform, customers get access to a simple budgeting tool allowing them to pay for purchases over time while merchants enjoy more sales.
Spotii merchants have reported a 40 per cent uplift from new customers to an average order-value increase of 70 per cent and a conversion uplift of 55 per cent. The platform counts more than 600 integrated merchants across the UAE and Saudi Arabia.
“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,” said Larry Diamond, Zip CEO and managing director.