Fintech company Postpay collaborates with Commercial Bank of Dubai

Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, an omnichannel buy now, pay later (BPNL) provider in the Middle East.

This strategic partnership will support Postpay on several fronts, including transaction banking, debt funding and e-commerce solutions, allowing it to focus on growth and support to its customers and merchant partners, a statement said.

It will also enable Postpay’s planned expansion in the UAE, Saudi Arabia, and other GCC countries.

“We are delighted to extend our partnership with CBD, a leading financial institution that is committed to supporting innovation in financial technology. This facility provides the necessary fuel to our engine and empowers us to achieve our ambitious goals for the future,” said Tariq Sheikh, founder and CEO of Postpay.

For CBD, this is the latest step in their fintech partnership journey. The bank recently established a permanent presence in the DIFC Innovation Hub.

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, commented, “The partnership with Postpay is in line with our commitment to back our customers’ ambitions. We believe in supporting the growing FinTech ecosystem in the UAE so as to enhance the overall payments sector with innovative digital solutions like BNPL.”

CBD announced a partnership with Network International last year to provide the latter’s merchant clients with pre-approved business loans against their point of sale receivables.

Read: Commercial Bank of Dubai partners with Network International for pre-approved business loans

Last year, Postpay also closed a $10m pre-series A funding round, led by Afterpay, Touch ventures (and others).

Read: Sequoia picks Saudi fintech for first Gulf deal as foray expands