UAE-based “shop now, pay later” startup Spotii has raised investment from Daman Investments.
Founded by Anuscha Iqbal and Ziyaad Ahmed, the financial technology (fintech) company allows consumers to pay for goods bought online over four equal instalments with no interest. The pair believes its technology empowers customers while also offering business owners benefits that include full upfront payment for their sales, larger basket sizes, improved conversion rates and fewer refunds.
“We are extremely excited to be partnering with Daman Investments. Daman has been an active advocate of regional startups for decades providing long-term support and we look forward to growing Spotii together through our strategic partnership,” said Iqbal, co-founder and chief executive officer (CEO) at Spotii.
Spotii went live in April and already has more than 30 merchants on its platform.
“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 startup landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region,” said Ahmed Khizer Khan, CEO at Daman Investments. “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.”