Zip acquires Spotii to drive BNPL growth in the Middle East

By Leandra Monteiro

Buy Now, Pay Later company, Zip Co Limited, has 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. 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.