E-commerce portal Namshi has partnered with financial services provider Tabby to offer buy-now-pay-later options to its customers.
As part of the agreement, Tabby will provide Namshi customers with four interest-free months on purchases made using its services on the site.
“When we founded Namshi, we set out to create an unparalleled shopping experience for fashion lovers in the Mena region. With the support of the team at Namshi, Tabby’s now able to help continue that mission to even greater heights,” said Tabby CEO and co-founder Hosam Arab.
Namshi’s Manav Lohia told said: “Our customers are always looking for ways to save money, so we’re always looking for ways to give them what they want.”
“BNPL with Tabby is a great addition to our offering, and it gives our customers more flexibility than ever when it comes to paying for what they want.”
Namshi users can use Tabby’s services once they update their app to its latest version available on the App Store and Google Play.
Recently, buy-now-pay-later schemes have grown in the UAE, with BNPL payments in the country expected to grow by 22 per cent on an annual basis and reach $2,531.1 million this year.
This trend is here to stay as BNPL payment adoption is forecast to grow steadily till 2028, recording a compound annual growth rate of 12.3 per cent.
Equally important, the BNPL gross merchandise value in the country is bound to increase from $2,075.2 million recorded last year to $4,525.2 million by 2028.
Namshi is a fashion portal which was co-founded by Hosam Arab in 2011, and was later sold to Emaar Malls. Now, the company is owned by online marketplace Noon.
Meanwhile, Tabby was also co-founded by Mr Arab in 2019.
Last month, UAE-based Tabby raised $58 million in funding from Sequoia Capital India, STV, PayPal Ventures, Mubadala Investment Capital, Arbor Ventures and Endeavor Catalyst.
The company’s clients include H&M, Adidas, Ikea, Shein, Noon and Bloomingdale’s, and it has three million active shoppers.
