The app is leading the way with the very prominent ‘buy now, pay later’ payment solution.
UAE-based e-commerce platform Spotii has raised a seven-figure seed round led by Dubai-based investment company Daman Investments.
The platform operates on a shop now, pay later model, where customers can pay for products over four equal instalments with zero interest. Founded by two Emirati entrepreneurs Anuscha Iqbal and Ziyaad Ahmed, the app is part of a global FinTech zeitgeist for this type of blend of retail and financing products which benefits both users and business owners, due to full upfront payment, larger basket sizes, improved conversion rates and decreased refunds.
“The launch of this payments platform couldn’t have come at a better time, especially as business owners navigate the current market turbulence in order to position themselves for future success,” ssays Ahmed Khizer Khan, CEO at Daman Investments.
Since the COVID-19 outbreak, e-commerce has seen turbulent shifts but still saw an overall growth, with MENA countries such as Saudi Arabia, Egypt, UAE, Jordan and Morocco showing larger numbers of online customers in 2020.
“Spotii, as a brand and the strong team behind it, has successfully tapped into the rapidly changing consumer buying behaviour,” adds Khan. “We are confident that this product is well positioned to greatly contribute towards the fast developing FinTech ecosystem in the GCC region.”
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