Leading global Buy Now Pay Later (BNPL) company, Zip, today announced the full acquisition of Dubai-based BNPL provider Spotii. The strategic investment will see Zip build on its initial 20 per cent investment in Spotii (from December 2020), to purchase the remaining 80 per cent stake.
Founded in January 2020, Spotii is a digital payments platform enabling users to Shop Now and Pay Later with zero interest or hidden fees. Since its launch, Spotii has acquired more than 40,000 customers. The platform gives United Arab Emirates (UAE) consumers the convenience of instalment payments for online purchases, with only 25 per cent payable at the time of purchase, instant approval and scheduled payments. Spotii is used by more than 650 merchants throughout the UAE and Kingdom of Saudi Arabian (KSA), including Jashanmal, Fitness Time and Danube Home.
Zip has over 6.4 million customers and 45,300 merchants globally and the company’s expansion into the Middle East demonstrates its commitment to the global integration of BNPL.
Spotii is already integrated into Zip’s global Single Merchant Interface (SMI), which provides merchants instant access to 11 countries across five continents and its extensive customer base to accelerate momentum, create jobs and drive growth for businesses across the Middle East.
The Spotii acquisition establishes Zip as a leading player in the Middle East, with Spotii operational in the UAE and KSA, and poised to expand further.
Anuscha Ahmed, Spotii’s Co-Founder and CEO, said: “Since founding Spotii in early 2020, we’ve seen significant uptake of the platform by merchants and customers, highlighting the appetite and need for BNPL solutions in the MENA region. Joining forces with Zip – a global leader in the BNPL space – will enable us to drive further growth by tapping into the company’s advanced technology and expertise. For merchants, it means greater access to customers outside the MENA region, while BNPL customers in the regional markets will have greater access to international merchants. Ultimately, it highlights the Middle East as a growing region for eCommerce and BNPL offerings.”
