NymCard, a pioneer in payment infrastructure in the MENA region, has finalised the acquisition of Spotii, a BNPL firm.
This strategic acquisition aligns with NymCard’s goal of providing its financial services clients with a comprehensive and customised BNPL product that caters specifically to their needs and local markets. It represents a significant step towards democratising BNPL services within the region.
NymCard is a leading player in the FinTech sector, providing robust Banking-as-a-Service (BaaS) and Card Issuing platform. Its services are central to many financial operations within the MENA region. Spotii, on the other hand, initially commenced operations as a direct-to-consumer BNPL service, boasting a customer base of over 1 million registered users and partnerships with over 1,500 merchants.
This merger allows NymCard to leverage Spotii’s advanced technology, risk engine and market expertise, offering prospective clients a potent credit-on-demand solution. The resulting integrated platform will cater to both B2C and B2B markets, offering instant installment options through nine innovative modules. These modules include 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.
NymCard CEO & Founder, Omar Onsi, said, “Spotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launch new innovative products. 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.”
Anuscha Iqbal, co-founder of Spotii, stated, “The combination of NymCard and Spotii creates significant synergies and strengthens our value proposition.” In addition, Ziyaad Ahmed, co-founder of Spotii, expressed, “Our unique services, such as Smart Expense Categorisation, Invoice Payment and Reconciliation, LLM driven Customer service and Collections app, instant credit decision ML model or smart OCRs, enable us to offer a wide range of value-added services that are unparalleled in the market.”
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