Dubai-based fintech Spotii has raised an undisclosed amount of investment from Daman Investments, it announced in a statement to MENAbytes today. The startup did not disclose the exact size of the investment but told MENAbytes that it’s a seven-figure (USD) seed round.
Founded in 2019 by former Abraaj executive Anuscha Iqbal and her brother Ziyaad Ahmed, Spotii is a shop now pay later platform focused on fashion, beauty, and lifestyle brands.
The platform that was launched earlier this year partners with businesses operating these brands to offer their customers ‘shop now pay later’ as a payment option at the checkout page. The customers make interest-free payment over four equal installments. Spotii makes money by charging the merchants a platform fee.
It currently has over 30 merchants on its platform and is in the process of adding more.
“Spotii’s mission is to empower customers to enjoy their shopping experience without worrying about excessive costs or hidden fees. At the same time, Spotii provides business owners with a proven and dynamic conversion strategy that also enhances customer loyalty. Spotii was designed to support the region’s e-commerce ecosystem and grow a vibrant community centered on people and trust,” said the startup in a statement.
“As more businesses gravitate online, providing an easy-to-use consumer-friendly payments solution is a vital value-added service that businesses can offer their customers,” it added.
Anuscha Iqbal, the co-founder and CEO of Spotii, said, “We are extremely excited to be partnering with Daman Investments. Daman has been an active advocate of regional startups for decades providing long-term support and we look forward to growing Spotii together through our strategic partnership.”
Ahmed Khizer Khan, the CEO of Daman Investments, said, “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. We have been monitoring the startup landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region.”
“Spotii, as a brand and the strong team behind it, has successfully tapped into the rapidly changing consumer buying behavior. We are confident that this product is well-positioned to greatly contribute towards the fast-developing fintech ecosystem in the GCC region,” he added.
The Dubai startup also has plans to expand to Saudi and the rest of GCC.
- Abu Dhabi fintech NymCard launches APIs for payment card issuing and processing - February 24, 2021
- Spotify launches in Pakistan - February 24, 2021
- Open Banking platform Tarabut Gateway raises $13 million in MENA’s largest seed round - February 23, 2021