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Shop now, pay later payment platform Spotii makes Saudi debut

Shop now, pay later payment platform Spotii makes Saudi debut

Customers can make interest-free payments over four equal instalments

Dubai-headquartered “buy-now-pay-later” platform Spotii has launched in Saudi Arabia.

Spotii allows customers to purchase items and make interest-free payments on a variety of items over four equal instalments. Brands on the other hand can make their product offerings more attainable to Saudi consumers while receiving full upfront payment for their sales. Retailers can also benefit from Spotii’s digital marketing capabilities.

Consumers sign up for an account on the Spotii website or at the time of purchase via a partner business website. Approval is instant. All consumers need is a valid email address, along with their debit/credit card details and mobile number. Consumers only pay 25 per cent at the time of purchase.

Merchants on the other hand sign up as a Spotii provider at the website. Spotii then appears as a payment option when customers get to the checkout page.

“Spotii’s culture is built on creating a win/win flywheel, creating long-term relationships with both merchants and consumers,” Spotii co-founder Ziyaad Ahmed said.

“In a very simple, easy to use way, we believe Spotii helps empower customers to enjoy shopping more, without worrying about excessive costs or hidden fees. Business owners are provided a proven, dynamic conversion tool that enhances customer loyalty,” he added.

Read: Buy-now-pay-later platform tabby in new e-commerce partnership in Saudi Arabia

Spotii joins other similar fintechs in the region offering monthly instalment plans or delayed payments for purchases, including postpay and Tabby.

The model is growing in appeal in the region as Covid-19 strains personal finances and retailers look to leverage a surge in online shopping.

Postpay raised Dhs1.8m in seed funding earlier this year while Tabby announced on November 5 it had raised $7m in new funding to drive growth and expand to Saudi Arabia.

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