Australia’s one of the most trusted buy now, pay later service Zip has announced that it will be investing in a UAE-based BNPL startup Spotii. Through this investment deal, Zip will be providing Spotii access to its BNPL expertise, financial support, access to an international market and technical knowhow of the business.
The deal will also enable the merchants of Spotii to access new geographic regions which include Australia, New Zealand, the UK and the US. It will allow Spotii to accelerate growth and introduce international best practices in the UAE, Soudi Arabia and other markets.
More on Zip investing in Spotii
The combined resources of the two companies will offer a wealth of new opportunities for merchants in the Gulf Cooperation Council (GCC), drive in new customers and expand the local BNPL market.
With a network of over 600 integrated merchants across the United Arab Emirates and Saudi Arabia, BNPL Spotii enables shoppers to defer payments or make payments through 4 equal instalments. There is no additional cost or hidden fees charged. The goal of Spotii is to support the e-commerce ecosystem of the region and offer a consumer-focused product that supports its customers while helping merchants accelerate customer loyalty.
Customers of Spotii get access to an easy-to-use budgeting tool that allows them to pay for their purchases over time while merchants enjoy increased sales. Merchants that are registered on Spotii have reported excellent customer acquisition results. They say they’ve experienced a 40% increase from new customers, an increase in the average order-value of 70% and a % uplift in conversions.
BNPL Zip & Spotii executives on the announcement
Zip CEO and Managing Director, Larry Diamond said the focus of Spotii on data analytics, exciting product roadmap, technology and a customer-friendly approach makes sure the company will remain a regional leader while delivering an exceptional merchants and customers experience. The vision of both the BNPLs is to disrupt the fintech & payments sector with digital and fairer alternatives and they look forward to the exciting road ahead, he adds.
Co-Founder and CEO of Spotii, Anuscha Iqbal said that the BNPL sector is booming internationally and the region is no different. The COVID-19 pandemic has accelerated the need to provide for development of new and innovative solutions to consumers and merchants alike in a period of fast-paced digital adoption, Iqbal adds. The UAE-based BNPL has been working on creating a consortium of strategic partnerships with world-leading organizations in the fintech sector, she continues. Spotii first partnered with Microsoft, next with Mastercard and now with Aussie payments leader Zip, to provide truly unique and differentiated solutions, she concludes.
Co-Founder and COO of Spotii, Ziyaad Ahmed said the mission of Spotii is to empower customers by improving their shopping experience in a way that they do not have to worry about excessive costs and hidden fees. Ahmed adds that their advanced and proprietary data analytics along with their risk engine allows customers to look for their ideal merchant at the right time. This is possible through Spotii’s tools like smart shop directory and a geolocation promotion finder, he concludes.
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