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NymCard acquires Spotii to offer BNPL for banks

By Leandra Monteiro

June 13, 2023

  • Acquisition
  • BaaS
  • BNPL

NymCard NymCard, a payments infrastructure provider in the MENA region, has completed the acquisition of Spotii, a Buy Now Pay Later (BNPL) FinTech operating in key markets including KSA, UAE, and Bahrain.

The strategic move positions NymCard to offer its financial services client base a fully customisable BNPL product tailored to their specific needs and local markets. The acquisition marks a significant milestone in democratising BNPL services in the region.

“Spotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launch new innovative products,” shared Omar Onsi, CEO & Founder of NymCard. “We are thrilled to offer a comprehensive BNPL solution that can be tailored to meet the requirements of banks, financial institutions, retailers, FinTech companies and most importantly, their end customers. This acquisition aligns with our mission to deliver innovative and accessible payment solutions to businesses across the MENA region and beyond.”

This acquisition combines Spotii’s technology, risk engine and market expertise with NymCard’s powerful BaaS and Card Issuing platform, presenting prospective clients with a powerful solution to offer credit-on-demand products.

The integrated platform will serve both B2C and B2B markets seamlessly, enabling instant installment options through its nine modules. These modules encompass features such as eKYC, AI-driven OCR, machine learning-powered rules, cohort-based risk engine with intelligent risk assessment, a fully configurable Loan Management System, AI-driven collections app, decision-making processes and more.

With enhanced payment solutions, a unified technology stack, improved data analytics capabilities, and an expanded geographic reach, NymCard and Spotii can deliver a comprehensive suite of payment and financial solutions, attracting a broader customer base and fostering stronger partner relationships.

“Our unique services, such as Smart Expense Categorization, Invoice Payment and Reconciliation, LLM driven Customer service and Collections app, instant credit decision ML model or smart OCRs, enable us to offer a wide range of value-added services that are unparalleled in the market,” said Ziyaad Ahmed, co-founder of Spotii.

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