Spotii, a leading BNPL player in the GCC region received a strategic investment from Zip Co, an Australian publicly traded BNPL pioneer. The combined forces of Spotii and Zip will provide a wealth of new opportunities for GCC merchants, driving new customer uptake, accelerating revenue growth for merchants and expanding the local BNPL market.
With more than 600 integrated merchants across the UAE and Saudi Arabia, Spotii provides shoppers the ability to defer payments or pay across four equal instalments, with no cost or hidden fees. Spotii’s goal is to support the region’s e-commerce ecosystem and provide a consumer-centric product that backs customers while helping merchants boost customer loyalty.
Customers get access to a simple budgeting tool allowing them to pay for purchases over time while merchants enjoy more sales. Spotii merchants have already reported excellent customer acquisition results, from a 40% uplift from new customers to an average order-value increase of 70% and a conversion uplift of 55%.
The collaboration also allows for technology, data analytics and risk-management sharing across the two companies, bringing best practices to the region in a localized way. Through Zip’s global reach, Spotii merchants will also be able access new and exciting geographic opportunities, including the US, UK, Australia and New Zealand.
“We found Spotii the most innovative BNPL in the region and closely aligned to Zip’s culture of financial responsibility, customer focus and innovation. 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.
“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 organizations 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.
