Buy Now Pay Later app ZoodPay raises $38 million

ZoodPay, the “Buy Now Pay Later” (BNPL) app has successfully completed a $38 million Series B fundraising, attracting significant attention from leading global investors. London based VC Sturgeon Capital, Zain Group’s venture capital arm ‘Zain Ventures’, and other existing investors joined the funding round. Zain Group is a leading telecom operator, present in 7 countries and serving over 48 million customers across the Middle East and Africa.

ZoodPay’s Buy Now, Pay Later ecosystem includes the ZoodMall marketplace, and the logistics local and cross-border system, ZoodShip. This ecosystem empowers and incentivizes merchants in the Middle East, Central Asia, China, Europe, Russia and Turkey to open their storefronts to local, low-penetrated and fast-growing markets including Iraq, Jordan, Lebanon, Uzbekistan and Kazakhstan without additional set-up costs or fees. In Iraq, the company has an established presence in Erbil and is now expanding to Baghdad, recruiting more than 100 employees to support its growth plans.

ZoodPay as well as its parent company OrientSwiss are headquartered in Switzerland, in the Canton of Vaud. The team works out of different European and Asian countries. Michael Khoi, Group CEO of OrientSwiss, is based in Switzerland as well as Eric Blättler, board member of OrientSwiss and ZoodPay. Further team members in Switzerland include Laurent Sciboz, Chief Investor Officer of ZoodPay and OrientSwiss, and Alexandre Hauser, Co-founder of OrientSwiss.  

Michael Khoi commented, “This new funding will add value to both customers and sellers across our geographies. We’re improving people's lives by offering the underbanked population a convenient instant online and offline instalment payment solutions for their shopping experience. For the first time in Iraq, shoppers will have the opportunity to shop now and pay later on ZoodMall, in offline shops, or on merchants’ online stores in Iraq and regionally.”

(Press release / SK)