The new Saudi Arabia office signals the startup's intention to be a major player in e-commerce and the digital payment ecosystem, while aligning with Kingdom’s 2030 vision.
Despite its infancy, Dubai’s Spotti has made waves this year and is set to carry that into Saudi Arabia, with the announcement of a new office in the Kingdom. Launching in the middle of COVID-19, a time when finances are a tough and touchy subject for many, the fintech startup is giving customers the ability to split their payments into four equal installments with “no interest, no cost and no catches.”
Their expansion into Saudi Arabia is an attempt to accelerate and reform Saudi’s current digital payment ecosystem. In alignment with Saudi Arabia’s 2030 vision, in regard to the retail sector, Spotii is positioning themselves to help expand e-commerce in the Kingdom by 2030.
“Since our launch earlier this year, we have grown 130x in the UAE,” commented Anuscha Iqbal, who founded Spotii alongside her brother, Ziyaad Ahmed. “We are currently in UAE and KSA and looking to expand to other markets. Ours is a value-added service retailers provide to their customers and hence the retailers are the ones who pay for the service and merchants using our service have reported that over 40 percent of new customer volume have been driven to their websites by our service.”
The platform is centered around the goal of making products attainable for consumers by empowering the brand. Brands that partner with Spotii receive upfront payment through Spotii, but the consumer has the ability to spread the price over four equal instalments. This business model has numerous benefits for the brands/businesses such as larger basket sizes, improved conversion rates, and fewer refunds.
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