Zain Group has announced that it is committing an amount in investment in ZoodPay’s Super App. The investment is coming as part of the Buy Now Pay Later (BNPL) firm’s series B US$38 million fundraising. The financing will facilitated through Zain’s venture capital division ‘Zain Ventures’, joining other global and existing backers in the round.
As part of this investment, Zain Ventures will partner closely with the teams of ZoodPay’s fintech solution and its demand generation marketplace ZoodMall to ramp up its growth and regional expansion moves. Together, both firms hope to give the needed momentum to local and cross-border e-commerce transactions, incentivizing socio-economic development and creating jobs in the process.
Based in Switzerland, the ZoodPay & ZoodMall app is already home to over 8 million users across the Middle East and Central Asia. The firm also operates about ten offices across these regions. The business is committed to providing a “Swiss quality” shopping experience and cross-border offerings to merchants and shoppers across fast-growing fintech and e-commerce emerging markets such as Iraq, Jordan, Lebanon, Uzbekistan, and Kazakhstan.
ZoodPay’s Super App BNPL fintech solution provides ZoodMall online and offline shoppers in core locations a seamless instant approval to shop in the local currency either in cash or with the option of paying in four to six monthly installments, without any interest or charges.
ZoodMall is currently the Middle East and Central Asia’s fastest-growing mobile-only marketplace, offering its clients and consumers access to 7 million products from over 30,000 local and cross-border merchants.
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