Zip, a leading global Buy Now, Pay Later (BNPL) company, has completed the acquisition of Dubai-based BNPL service provider Spotii, as the demand for installment payments on eCommerce transactions is surging across the region.
The investment in Spotti bolsters Zip’s commitment to supporting the financial well-being of customers and merchants in the Middle East. The acquisition will offer the Dubai-based BNPL company access to the expertise, finance and global network needed to hasten growth and implement international best practices to the region.
Spotii is a digital payments platform providing BNPL services with over 700 merchants throughout the UAE and Saudi Arabia. The platform allows consumers to pay for their purchases in installments, interest-free and with no hidden fees.
Ms. Anuscha Iqbal, Spotii’s Co-Founder and CEO, said, “We’re thrilled to join the global Zip family and accelerate growth in the Middle East region. This deal gives our valued Spotii merchants and customers greater access to innovative BNPL offerings and international opportunities.”
“We are thrilled to welcome the Spotii team to Zip as we accelerate our investment in the Middle East to grow the presence of BNPL in the region. With eCommerce in the Middle East on an upward trajectory, there is a huge opportunity for Zip to bring customers and merchants together through smart, fair and flexible payments options. We believe Zip can become the world leader in fair and responsible payments and we’re excited by the experience and insight that Spotii’s founders bring to our global coalition of founders to help us achieve this mission.”
With a presence in 13 countries, the acquisition of Spotii marks another milestone in Zip’s mission to offer fair, transparent and flexible payment options for people around the world. Building on its global BNPL integration strategy, Zip is dedicated to driving value for customers and enhanced business outcomes for Spotii merchants across its international ecosystem.
As one of the fastest-growing eCommerce markets in the world, with online spending increasing at more than 30 percent annually, the Middle East represents a significant growth opportunity for the BNPL sector.