Buy now, pay later provider Cashew has reportedly raised $10m in a mixture of debt and equity to support its expansion plans.
The capital was supplied by Mashreqbank PSC, which has acquired a minority stake in the business that could increase to 20% in future rounds, according to a report from Reuters.
Cashew’s platform will be integrated on to Mashreq’s payments business.
The FinTech company is targeting 5,000 merchants and 500,000 users by the end of the year, it said. Furthermore, the company hopes to increase its transaction volume by ten-times to reach $10m.
UAE-based Cashew is planning to raise a further $30m this year and is speaking with banks in Saudi Arabia and Oman to get their system on their payment businesses. Furthermore, Cashew plans to expand into Egypt.
Cashew provides consumers with the ability to pay for products over three, six or 12 instalments.
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