- CEO Michael Khoi: “The funding will support our rapid expansion in Lebanon and improve people’s lives by offering the most convenient instant online instalment payment solutions for their shopping experience.”
- Zain Ventures, UK-based Sturgeon Capital, and other existing investors join the funding round
- ZoodPay’s Buy Now Pay Later payment solutions enhance the Lebanese shoppers purchasing power in light of the challenges facing the country
Beirut, Lebanon, November 10th, 2021
ZoodPay, the “Buy Now Pay Later” (BNPL) Super App has successfully completed a $38 million Series B fundraising, attracting significant attention from leading global investors. London based VC Sturgeon Capital, Zain Group’s venture capital arm ‘Zain Ventures’, and other existing investors joined the funding round. Zain Group is a leading telecom operator, present in 7 countries and serving over 48 million customers across the Middle East and Africa.
Headquartered in Switzerland, the ZoodPay & ZoodMall app has already more than 8 million users and ten offices across the Middle East and Central Asia. The business commits to delivering “Swiss quality” shopping experience and cross-border services to merchants and shoppers across fast-growing fintech and e-commerce emerging markets such as Lebanon, Jordan, Iraq, Uzbekistan and Kazakhstan.
ZoodPay will utilize the Series B funding to accelerate its growth and expansion in Lebanon, stimulating local and cross-border e-commerce transactions through its marketplace and ‘Buy Now Pay Later’ solutions. ZoodPay is contributing to socio-economic development, creating jobs across its market footprint and beyond.
The company was first launched in Lebanon in 2019 and is now the leading marketplace in the country, offering ZoodPay ‘Buy Now Pay Later’ services through ZoodMall, on partner online stores and in offline shops.
When shopping on ZoodMall, customers can choose from over 7 million products from 30,000 local and cross border sellers and have the flexibility of paying in 4 to 6 monthly instalments, without any interest or fees.
Customers only have to download the ZoodPay & ZoodMall app and apply for a shopping limit, after which they will get an instant decision. They can then proceed to shop online or in stores, receive their goods and pay for them in instalments through ZoodPay.
Also, Lebanese merchants can integrate ZoodPay’s API with their online stores, allowing them to sell to their customers with the flexibility of receiving the goods first and paying in instalments without interest or fees. Integrating the ZoodPay API on online stores and apps is a seamless online process allowing shoppers to finalize their transactions on the merchants’ channels. Once done, customers can choose ZoodPay as their payment method at checkout, fill in their personal information and receive an instant decision.
Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay and ZoodMall commented, “This new funding will add value to both customers and sellers in Lebanon. We’re improving people’s lives by offering the most convenient instant online and offline instalment payment options for their shopping experience. In Lebanon, ZoodPay’s BNPL payment solutions are enhancing the shoppers purchasing power in light of the challenges facing the country. We would like to thank our customers and local partners for their trust and confidence, and we look forward to taking the ZoodPay super app ecosystem to new heights.”
ZoodPay: An innovative Ecosystem for Merchants
ZoodPay’sBuy Now, Pay Later ecosystem includes the ZoodMall marketplace, and the logistics local and cross-border system, ZoodShip. This ecosystem empowers and incentivizes merchants in the Middle East, Central Asia, China, Europe, Russia and Turkey to open their storefronts to local, low-penetrated and fast-growing markets without additional set-up costs or fees. Merchants have a unique one-stop value proposition by offering ZoodPay’s BNPL solution in their offline and online stores and/or by listing their products on ZoodMall. ZoodPay will support merchants in gaining new customers with higher-order value and building brand loyalty by offering:
- Secure, flexible, and popular payment methods either by cash or through ZoodPay’s
Buy Now Pay Later” solution.
- Creating demand generation and marketing for products through ZoodMall, ZoodPay’s B2C marketplace, which offers more than 7 million products from over 30,000 local and cross-border sellers
- Full-operational logistics support for delivery and customer support to reduce product returns.
More info available on https://www.zoodpay.com/ecosystem