Mashreq Bank, one of the Middle East’s largest financial institutions, has invested up to $10 million in Cashew, a creative fintech pioneer that offers buy now pay later (BNPL) services to consumers in the UAE and Saudi Arabia (KSA).
Mashreq will incorporate Cashew Payment as an option on NEOPAY, Mashreq’s payments subsidiary’s acquiring network, as well as provide support for Cashew’s launch in Egypt, as part of the strategic investment.
The Mashreq arrangement is unique in the region’s fintech market since it extends beyond a simple processing partnership between two banks.
Cashew and Mashreq will also collaborate to bring new products to market, including consumer BNPL choices with longer terms and larger ticket sizes, as well as the region’s first Point of Sales lending options later this year.
Cashew services and products would be available to Mashreq merchants and business banking customers.
Education, travel, and healthcare are untouched categories, and as a result of this alliance, they will soon grow into these new segments and provide consumers with a variety of payment alternatives, drastically changing the BNPL landscape.
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