Australia's Afterpay takes stake in UAE-based buy now, pay later firm Postpay

AP Ventures will nominate a director to sit on the board

  
FILE PHOTO: A logo for the company Afterpay is seen in a store window in Sydney, Australia, July 9, 2020. REUTERS

FILE PHOTO: A logo for the company Afterpay is seen in a store window in Sydney, Australia, July 9, 2020. REUTERS

Stephen Coates

DUBAI - United Arab Emirates-based buy now, pay later firm Postpay on Monday said it had raised $10 million through an equity investment by Australia's Afterpay and an Afterpay-backed investment vehicle.

The deal comes a month after Australia's Zip said it was acquiring the remaining shares it did not already own in UAE firm Spotii for $16 million and April's Checkout.com leading a $110 million debt and equity round in Saudi Arabia's Tamara.

"We are extremely grateful and excited to have Afterpay and AP Ventures as part of our investor-base," Postpay Chief Executive Tariq Sheikh said in an statement.

"For Postpay, this strategic investment provides not only capital to enable us to accelerate our growth but also an opportunity to collaborate and bring new learnings from our new shareholders as we expand in the MENA region."

AP Ventures will nominate a director to sit on the board, Postpay said.

Tabby, a BNPL firm in the Gulf, on Monday said it was integrating Splitit's instalment payment platform which would allow merchants to offer instalments on credit cards.

(Writing by Alexander Cornwell Editing by Chizu Nomiyama) ((Alexander.Cornwell@thomsonreuters.com;))


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