Switzerland-headquartered ZoodPay, the Buy Now, Pay Later (BNPL) app, has secured $38m in Series B funding, as it accelerates its expansion in Iraq.
London-based VC Sturgeon Capital, Zain Group’s venture capital arm ‘Zain Ventures’, and other existing investors joined the funding round.
ZoodPay said it will utilise the funding to accelerate its growth and expansion in Iraq, stimulating local and cross-border e-commerce transactions through its marketplace and BNPL solutions.
The company’s BNPL ecosystem includes the ZoodMall marketplace, and the logistics local and cross-border system, ZoodShip. The company explained that this ecosystem incentivises 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 option in their offline and online stores and/or by listing their products on ZoodMall.
In Iraq, the company has an established presence in Erbil and is now expanding to Baghdad, recruiting more than 100 employees to support its growth plans. According to ZoodPay, it is contributing to socio-economic development, creating jobs across its market footprint and beyond.
Michael Khoi CEO of ZoodPay, said, “The funding will support our rapid expansion and improve people’s lives by offering to digital savvy shoppers and the underbanked population convenient instant online and offline instalment payment solutions.”
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