Buy Now Pay Later (BNPL) is transforming the way consumers think about credit! It gives users the chance to purchase what they want, then pays off the item in instalments. BNPL industry has quickly risen to prominence in various places due to increased e-commerce penetration due to the COVID-19 pandemic.
Numerous startups are capitalising on the opportunity, and Switzerland-startup ZoodPay is one among them.
Based out of Lausanne, ZoodPay is a Buy Now Pay Later payment solution offering interest-free instalments in the untapped countries of MENA & Central Asia.
According to the Q2 2021 BNPL Survey, BNPL payment in Switzerland is expected to grow by 49.6% annually to reach $1020.4M in 2021.
ZoodPay raised $38M funding in a Series B round from Sturgeon Capital, Zain Ventures, and other existing investors.
The Iran founded company plans to utilise the fund to accelerate its growth and expansion across the Middle East and Central Asia, stimulating cross-border and local e-commerce transactions through ZoodMall and BNPL solutions.
Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay and ZoodMall comments, “This funding will be value-accretive to all our stakeholders, as we are expanding across the Middle East and Central
Asia. ZoodPay is changing people’s lives by providing digital-savvy shoppers the most beneficial instant online and offline instalment payment solutions for their shopping. ”
Currently, ZoodPay offers two products –
- ZoodPay BNPL – a 4-month installment plan with 0% interest
- ZoodPay Credit – Extended BNPL product (up to 12 months) with interest in a specific market.
ZoodPay’s BNPL is available in multiple distribution channels, including ZoodMall, its marketplace with 7M products.
According to the company, ZoodPay is showing great momentum in the Middle East and Central Asia with more than 8M users and ten offices.
The company says it is already the number one app in Lebanon, Iraq, Uzbekistan, and Jordan.
This ecosystem incentivises merchants in Central Asia, the Middle East, Europe, China, Turkey and, Russia to open their stores to local, low-penetrated, and fast-growing markets at no additional costs.