Zip completes the acquisition of Spotii to drive BNPL growth in the Middle East 

Zip expands its global footprint with the acquisition of a booming BNPL player in the emerging UAE and KSA market

  

Dubai – Leading global Buy Now, Pay Later (BNPL) company,  Zip Co Limited (ASX: Z1P), has today completed the acquisition of Dubai-based BNPL provider Spotii. The strategic investment in the region reinforces Zip’s commitment to support the financial well-being of customers and merchants in the Middle East and power Spotii’s expansion plans.

Spotii is a digital payments platform providing Shop Now and Pay Later with over 700 merchants throughout the United Arab Emirates (UAE) and Kingdom of Saudi Arabia (KSA). The platform allows consumers to pay for their purchases in installments, interest-free and with no hidden fees.

As one of the fastest-growing eCommerce markets in the world, with online spend increasing at more than 30% annually, the Middle East represents a significant growth opportunity for the BNPL sector (Khaleej Times 2021)[1]. In line with the rapid digitisation of retail, the BNPL market is ripe with opportunities to bolster local merchant businesses and empower customers to take control of their financial future.

With a presence in 13 countries, the acquisition of Spotii marks another milestone in Zip’s mission to provide fair, transparent and flexible payment options for people around the world. Building on its global BNPL integration strategy, Zip is devoted to driving value for customers and enhanced business outcomes for Spotii merchants across its international ecosystem.

Zip Co-Founder and Chief Executive Officer Larry Diamond said: “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.” 

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.” 

The acquisition will provide Spotii with access to the expertise, finance and global network needed to accelerate growth and implement international best practice to the region.

-Ends-

About Zip

ASX-listed Zip Co Limited (Z1P: ASX) or (“Zip”) is a leading global financial services company, offering innovative, people-centred products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants.

One of the fastest growing BNPL providers globally, Zip has a presence in Australia, Canada, Czech Republic, India, Mexico, New Zealand, the Philippines, Poland, Saudi Arabia, South Africa, UAE, the United Kingdom and the USA. Zip provides fair, flexible and transparent payment options to individual consumers and SMBs, helping them to take control of their financial future and helping merchants to grow their businesses. Zip is committed to responsible lending and also owns Pocketbook, a leading personal financial management tool.  Founded in Australia in 2013, Zip now employs over 1,000 Zipsters worldwide.

For more information, visit: www.zip.co 

About Spotii

Spotii is a leading GCC-based BNPL provider founded in 2020 by Anuscha Iqbal and Ziyaad Ahmed. Launched with the mission to empower a generation to enjoy more today what they will love forever through technology, trust and inclusion today Spotii’s main markets include the UAE and KSA with more to follow this year. Spotii’s proprietary risk algorithm has allowed the company to grow rapidly while expanding its product offering across a wide spectrum of industry verticals. For more information: www.spotii.me 

For more information, please contact:
Madeleine Clark
Sling & Stone
zip@slingstone.com
0476 381 105

[1] Khaleej Times 2021, GCC to spur Measa e-commerce market growth to $148.5bln by 2022, .

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