Zain Group announces an investment in ZoodPay, ‘Buy Now Pay Later’ (BNPL) Super App’s series B US$38 million fundraising through its venture capital arm ‘Zain Ventures’, joining other global and existing investors in the round.
Zain Ventures will work closely with the teams of ZoodPay’s fintech solution and its demand generation marketplace ZoodMall to accelerate their growth and expansion across the region, stimulating local and cross-border e-commerce transactions, boosting socio-economic activity and creating jobs.
Headquartered in Switzerland, the ZoodPay & ZoodMall app already has more than 8 million users and ten offices across the Middle East and Central Asia. The business commits to delivering a “Swiss quality” shopping experience and cross-border services 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 offers ZoodMall online and offline shoppers in core geographies convenient options and instant approval to buy products in their local currency in cash or with the flexibility of paying in four to six monthly instalments, without any interest or fees.
ZoodMall is the Middle East and Central Asia’s fastest-growing mobile-only marketplace, providing consumers access to 7 million products from over 30,000 local and cross-border merchants.
