Buy Now Pay Later Super App ZoodPay Raises $ 38 Million in Series B Funding; accelerates its expansion in Iraq

ERBIL, IRAQ, Nov 11, 2021 /EINPresswire.com/ – • CEO Michael Khoi: “The funding will support our rapid expansion and improve people’s lives by providing digital savvy shoppers and the underbanked population with digital solutions. instant installment payment online and offline. . “
• Zain Ventures, British company Sturgeon Capital and other existing investors join the round table
• With offices in Baghdad and Erbil, the company is recruiting over 100 employees to support its growth plans and deliver the first “Buy Now, Pay Later” solution in Iraq

ZoodPay, the “Buy Now Pay Later” (BNPL) super app, successfully completed a $ 38 million Series B fundraiser, catching the attention of major global investors. London-based VC Sturgeon Capital, the venture capital arm of the Zain group “Zain Ventures” and other existing investors have joined the round. Zain Group is a leading telecom operator, present in 7 countries and serving more than 48 million customers across the Middle East and Africa.

Based in Switzerland, the ZoodPay & ZoodMall app already has more than 8 million users and ten offices across the Middle East and Central Asia. The company is committed to providing a ‘Swiss quality’ shopping experience and cross-border services to merchants and buyers in fast-growing emerging fintech and e-commerce markets such as Iraq, Jordan, Lebanon, Uzbekistan and Kazakhstan.

ZoodPay will use Series B funding to accelerate its growth and expansion in Iraq, driving local and cross-border e-commerce transactions through its marketplace and “Buy Now, Pay Later” solutions. ZoodPay contributes to socio-economic development, creating jobs across its entire footprint in the market and beyond.
In Iraq, the company has an established presence in Erbil and is now expanding into Baghdad, recruiting more than 100 employees to support its growth plans.

ZoodPay’s Buy Now, Pay Later services are available:
– On ZoodMall, its market place generating demand;
– On partner applications and websites, via a fully integrated API and allowing them to offer Buy Now Pay Later options to their customers
– In partner offline stores.

For the first time in Iraq, customers have the option of paying in 4 or 6 installments without any interest or fees. This will apply to hundreds of thousands of products, local and cross-border, from the United Arab Emirates, Turkey, China and other countries.

Michael Khoi, CEO of OrientSwiss Group, parent company of ZoodPay and ZoodMall, said: “This new funding will add value to both customers and sellers in all of our geographies. We make people’s lives better by providing the underbanked population with the most convenient online and offline instant installment payment solutions for their shopping experience. For the first time in Iraq, shoppers will be able to shop now and pay later at ZoodMall, offline stores, or online stores from merchants in Iraq and the region. We would like to thank our local investors and partners for their trust and we look forward to taking the ZoodPay Super App ecosystem to new heights.

ZoodPay: an innovative ecosystem for merchants
ZoodPay’s Buy Now, Pay Later ecosystem includes the ZoodMall Marketplace and the ZoodShip local and cross-border logistics system. This ecosystem allows merchants in the Middle East, Central Asia, China, Europe, Russia and Turkey to open their storefronts to local, low penetration and fast growing markets with no fees or charges. additional installation. Merchants have a unique value proposition by offering ZoodPay’s BNPL option in their offline and online stores and / or by listing their products on ZoodMall. ZoodPay will help merchants gain new customers with higher order value and build brand loyalty by offering:

1. Secure, flexible and popular payment methods in cash or via ZoodPay
Buy now Pay later ”.
2. Creating demand and marketing for products through ZoodMall, ZoodPay’s B2C marketplace, which offers over 7 million products from over 30,000 local and cross-border sellers
3. Full operational logistics support for delivery and customer support to reduce product returns.

Mirna ABI-KHALIL
OrientSwiss SA
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