Australia’s Zip to acquire UAE based Spotii for $16 million - MENA startups, innovation, and tech news

Blog

Australia’s Zip to acquire UAE based Spotii for $16 million
Funding

Australia’s Zip to acquire UAE based Spotii for $16 million

UAE-based Spotiiis a Buy now &Pay later platform which is to be acquired by Australia based Zip for $16 million here’s what you need to know more about it

Spotii is a platform where people can buy things, discover and explore brands that we all love. Spotii is a UAE-based platform. The platform lets you buy whatever you want by just paying 25% of the amount and then paying the rest later. BNPL- Buy now, pay later is the concept used by the platform. Easy signup, no interest on the product purchased, and no hidden fees. Spotii has made sure that we can buy what we want& when we want.

Spotii was founded back in 2020 by Anuscha Iqbal and Ziyaad Ahmed. Spotii is a provider of shopping for different brands that you love through the solution of Buying now and paying later. It was acquired by Zip, on 23rd May 2021.

Understanding why Spotii joined forces with Zip:

Anuscha, 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.” 

Sydney-headquarter zip had bought Spotii, at an enterprise value of $16M. Zip had made the investment back in December 2020 but kept it disclosed and owned a 20% stake in the Fintech startup. Zip is acquiring the rest 80% from the stakeholders and the investors.

The deal is basically helping Zip, to expand its global footprint and establish a presence in the middle east where Spotii is already operational in UAE and KSA.  The total transaction volume has grown at the rate of 90 percent month on month.

Spotii provides merchants with access to 11 countries across 5 continents.

Zip Co-founder and Chief Executive Officer Larry Diamond said: “The Spotii acquisition is an important step in Zip’s global expansion and international strategy, with eCommerce in the Middle East on a significant upward trajectory. We have been working with Spotii since our initial investment in December 2020 to broaden our understanding of the BNPL opportunity in the region and have a number of exciting global merchants we are looking forward to activating in the coming months.  We also believe there is a largely untapped opportunity to bring BNPL to emerging markets where cash on delivery remains a significant merchant challenge, and where the digitization of retail accelerates.”  “A world-leading BNPL company, Zip, has the operational expertise, technology, and global understanding to help Spotii fuel the acceleration of the category in the Middle East. The deal today will see us combine the might of a global BNPL player, with the specialism of the local market knowledge. We’ll work together to leverage the technology and analytical capabilities of Zip to drive merchant success and consumer growth both locally, and internationally”. Ziyaad Ahmed, Spotii’s co-founder and COO quoted.

Related posts

Leave a Reply

Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.