NymCard acquires Spotii to democratise BNPL offerings
NymCard has completed the acquisition of Spotii, a Buy Now Pay Later (BNPL) fintech operating in key markets including KSA, UAE, and Bahrain. This strategic acquisition positions NymCard to offer its client base a fully customisable BNPL product tailored to their specific needs and local markets. The acquisition also marks a significant milestone in democratizing BNPL services in the region.
This acquisition combines Spotii’s technology, risk engine and market expertise with NymCard’s powerful BaaS and Card Issuing platform, presenting prospective clients with a powerful solution to offer credit-on-demand products.
Spotii was originally established as a direct-to-consumer BNPL service with a base of over 1 million registered customers and over 1,500 merchant partners. They were acquired by Australia-based BNPL, Zip for $16M in 2021. However Zip had announced at the beginning of the 2023 that they were leaving the (UAE) market to focus on their core markets of Australia and USA. This allowed Spotii to pivot its offering to Spotii-in-a-Box which aligned well with NymCard's strategy, leading to the acquisition.
The integrated platform will serve both B2C and B2B markets seamlessly, enabling instant installment options through its nine modules. These modules encompass cutting-edge features such as eKYC, AI-driven OCR, machine learning-powered rules, cohort-based risk engine with intelligent risk assessment, a fully configurable Loan Management System, AI-driven collections app, decision-making processes and more.
"Spotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launch new innovative products,” shared Omar Onsi, CEO & Founder of NymCard. “We are thrilled to offer a comprehensive BNPL solution that can be tailored to meet the requirements of banks, financial institutions, retailers, FinTech companies and most importantly, their end customers. This acquisition aligns with our mission to deliver innovative and accessible payment solutions to businesses across the MENA region and beyond."
With enhanced payment solutions, a unified technology stack, improved data analytics capabilities, and an expanded geographic reach, NymCard and Spotii can deliver a comprehensive suite of payment and financial solutions, attracting a broader customer base and fostering stronger partner relationships.
This acquisition underscores NymCard's commitment to empowering businesses of all sizes with modern payment solutions, including prepaid cards, multi-currency offerings, charge and credit cards, and BNPL solutions.