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FinancialNews
27-05-21
Saudi Arabia: Financial technology startups enjoys growth during Coronavirus pandemic
(MENAFN)Financial technology startups in Saudi Arabia and the UAEoffering online short-term credit have exponential enlargement as the Coronavirus pandemic makes a shift in consumer spending online.
Digital buy now, pay later (BNPL) purchasing is novel to the district as consumers were skeptical of paying for commodities before getting them.
Saudi Arabian-based Tamara and UAE’s Spotii, Tabby and Postpay all say the start has far surpassed initial expectations. And investors are paying attention. Tamara in April increased USD110 million in debts and equity, a large amount for an early stage Middle East startup.
Australia’s second biggest BNPL player Zip purchased the rest of the shares in Spotii it did not already own for USD16 million. Tabby increased more than USD30 million including funding from Abu Dhabi state fund Mubadala.
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