Fintech venture studio, HP Spring Studios, established by Hambro Perks and Al Waha Fund of Funds, is flipping the script on “buy now, pay later” with its first startup. Compound offers Middle Eastern consumers the option to “save now, buy later” for life’s most important purchases.

Compound, founded by Shashank Narayanan, an early employee of Sarwa, a prominent digital wealth management startup, collaborates with merchants to provide a unique savings-oriented shopping experience. Customers can proactively save with their preferred merchants well in advance, such as saving for a forthcoming vacation with their favorite airline. As a reward for their savings, consumers earn enticing rewards directly from the merchant at each savings milestone.

According to a National Bonds survey published by Gulf News, savings culture is on the rise in the UAE as nearly 90% have set financial goals for 2024. Equally, according to data released in 2023 by Saudi Arabia’s central bank, Saudi citizens have achieved their highest ever savings rate in over a decade. Just as in the Kingdom of Bahrain.

Merchants, on the other hand, are grappling with rising customer acquisition costs and greater competition. Compound presents merchants with the opportunity to capture prospective buyers early, and provides an avenue to build deeper relationships throughout a customer’s savings journey.

Shashank Narayanan, the founder of Compound, added: “We’re thrilled to launch a Save Now, Buy Later business for the Middle East. It’s about time consumers are given an opportunity to earn better rewards by saving up for a purchase, and we’re able to offer this by helping merchants build deeper relationships with prospective buyers. Our goal is to enable financial wellness at every purchase - for consumers and merchants alike.”

Zainab Khamis, Head of HP Spring Studios Bahrain, announced the first spinoff of HP Spring Studios, hailing it as a significant milestone. She emphasized their expertise in nurturing and developing startups, citing Compound as a prime example. Zainab expressed confidence in Compound's ability to drive positive change for consumers and encourage healthy financial habits in the Middle East. She underscored HP Spring Studios' commitment to fostering innovation and entrepreneurship, highlighting their provision of resources and expertise to the startup ecosystem. The successful spinoff of Compound stands as a testament to the transformative impact of Spring Studios, solidifying its position as a leading force in the regional entrepreneurial landscape. This development is particularly significant for Bahrain, showcasing the country's growing role as a hub for fintech innovation and entrepreneurship in the Middle East.

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