UAE fintech firm NymCard has acquired Saudi’s BNPL platform Spotii to offer the fully customisable BNPL products to its clients.
The value of the transaction was not disclosed.
“This acquisition combines Spotii’s leading technology, risk engine and market expertise with NymCard’s powerful banking as a service (BaaS) and card issuing platform, presenting prospective clients with a powerful solution to offer credit-on-demand products,” the fintech firm said in a statement.
The integrated platform will serve both B2C and B2B markets seamlessly, enabling instant instalment options through its nine modules, said NymCard in a statement.
CEO and founder of NymCard, Omar Onsi, said: “Spotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launching new innovative products.”
Adding that the fintech firm will offer a comprehensive BNPL solution that can be tailored to meet the requirements of banks, financial institutions, retailers, fintech companies and end customers, added Mr Onsi.
The BNPL platform also operates in the UAE and Bahrain, serving more than one million registered customers and over 1,500 merchant partners.
Founded in 2018, NymCard is regulated by the UAE central bank and is a principal member of both Visa and Mastercard. The firm supports businesses of various sizes to launch new payment products such as prepaid cards, multi-currency offerings, charge and credit cards and BNPL solutions.
In June 2022, NymCard raised $22.5 million in a funding round led by venture capital firms DisruptAD, Reciprocal Ventures and Shorooq Partners in June 2022.
In February 2022, Dubai’s Mashreq Bank acquired a stake in NymCard to support the fintech firm’s growth prospects amid a surge in digital payments in the UAE.
The company said it would use the money to strengthen its product development as well as expand its presence in current markets.
Precedence Research found that the Middle East BNPL market size was valued at $7.18 billion in 2021 and is expected to reach around $89.27 billion by 2030, growing at a compound annual growth rate of 32.31 per cent from 2022 to 2030.
