Dubai’s Spotii raises seven-figure seed for its shop now pay later platform

Dubai’s Spotii raises seven-figure seed for its shop now pay later platform

Dubai-based fintech Spotii has raised an undisclosed amount of investment from Daman Investments, it announced in a statement to MENAbytes today. The startup did not disclose the exact size of the investment but told MENAbytes that it's a seven-figure (USD) seed round.

Founded in 2019 by former Abraaj executive Anuscha“¯Iqbal and her brother Ziyaad“¯Ahmed, Spotii is a shop now pay later platform focused on fashion, beauty, and lifestyle brands.

The platform that was launched earlier this year partners with businesses operating these brands to offer their customers 'shop now pay later' as a payment option at the checkout page. The customers make interest-free payment over four equal installments. Spotii makes money by charging the merchants a platform fee.

It currently has over 30 merchants on its platform and is in the process of adding more.

"Spotii's mission is to empower customers to enjoy their shopping experience without worrying about excessive costs or hidden fees. At the same time, Spotii provides business owners with a proven and dynamic conversion strategy that also enhances customer loyalty. Spotii was designed to support the region's e-commerce ecosystem and grow a vibrant community centered on people and trust,“ said the startup in a statement.

"As more businesses gravitate online, providing an