{"id":23273,"date":"2023-06-13T14:56:36","date_gmt":"2023-06-13T14:56:36","guid":{"rendered":"https:\/\/www.meretailnews.com\/?p=23273"},"modified":"2023-06-13T14:57:14","modified_gmt":"2023-06-13T14:57:14","slug":"nymcard-acquires-spotii","status":"publish","type":"post","link":"https:\/\/www.meretailnews.com\/2023\/06\/13\/nymcard-acquires-spotii\/","title":{"rendered":"NymCard acquires BNPL Spotii"},"content":{"rendered":"<p><!-- VideographyWP Plugin Message: Automatic video embedding prevented by plugin options. --><br \/>\n<span data-preserver-spaces=\"true\">UAE fintech firm NymCard has acquired Saudi&#8217;s BNPL platform <a href=\"https:\/\/www.spotii.com\/\" target=\"_blank\" rel=\"noopener\">Spotii<\/a> to offer the fully customisable BNPL products to its clients.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The value of the transaction was not disclosed.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cThis acquisition combines Spotii\u2019s leading technology, risk engine and market expertise with NymCard\u2019s powerful banking as a service (BaaS) and card issuing platform, presenting prospective clients with a powerful solution to offer credit-on-demand products,\u201d the fintech firm said in a statement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The integrated platform will serve both B2C and B2B markets seamlessly, enabling instant instalment options through its nine modules, said NymCard in a statement.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">CEO and founder of NymCard, Omar Onsi, said: \u201cSpotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launching new innovative products.&#8221;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u00a0Adding that the fintech firm will offer a comprehensive <a href=\"https:\/\/www.meretailnews.com\/2023\/03\/01\/namshi-partners-with-tabby-for-bnpl-services\/\">BNPL solution<\/a> that can be tailored to meet the requirements of banks, financial institutions, retailers, fintech companies and end customers, added Mr Onsi.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The BNPL platform also operates in the UAE and Bahrain, serving more than one million registered customers and over 1,500 merchant partners.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Founded in 2018,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/nymcard.com\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">NymCard<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0is 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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">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.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In February 2022, Dubai\u2019s Mashreq Bank acquired a stake in NymCard to support the fintech firm\u2019s growth prospects amid a surge in digital payments in the UAE.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company said it would use the money to strengthen its product development as well as expand its presence in current markets.<\/span><\/p>\n<p><em>Precedence Research<\/em> found that t<span lang=\"EN-US\">he<\/span><span lang=\"EN-US\"> Middle E<\/span><span lang=\"EN-US\">ast 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.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>NymCard has acquired BNPl platform Spotii for an undisclosed sum to offer a fully customisable BNPL product <\/p>\n","protected":false},"author":40,"featured_media":18262,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[154,1,4598],"tags":[2791,4878,4879],"_links":{"self":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23273"}],"collection":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/comments?post=23273"}],"version-history":[{"count":2,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23273\/revisions"}],"predecessor-version":[{"id":23275,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/posts\/23273\/revisions\/23275"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media\/18262"}],"wp:attachment":[{"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/media?parent=23273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/categories?post=23273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meretailnews.com\/wp-json\/wp\/v2\/tags?post=23273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}