ZoodPay Completes $38 Million Series B Financing to Provide Buy Now Pay Later Services for Chinese Merchants in the Middle East and Central Asia

On November 10 , local time in Switzerland , the "buy now, pay later" ( BNPL ) super app ZoodPay successfully completed a $38 million Series B financing round, attracting great attention from leading global investors. London-based venture capital Sturgeon Capital , Zain Group's venture capital arm " Zain Ventures " and other existing investors participated in this round of financing. Zain Group is a leading telecommunications operator with operations in 7 countries and serves more than 48 million customers in the Middle East and Africa .

ZoodPay & ZoodMall is headquartered in Switzerland with over 8 million users and 10 offices in the Middle East and Central Asia. The company is committed to providing customers and merchants with a "Swiss quality " shopping experience and cross-border services in fast-growing fintech and e-commerce emerging markets such as Uzbekistan, Iraq, Lebanon, Jordan and Kazakhstan .

ZoodPay will use the Series B funding to accelerate its growth and expansion in the Middle East and Central Asia, stimulating local and cross-border e-commerce transactions through "buy now, pay later" solutions. The company is committed to contributing to socio-economic development and creating jobs within and outside the markets it operates in.

ZoodPay   CEO Michael Khoi: " This funding will support our rapid expansion and be used to provide customers with convenient online and offline installment payment solutions, enhance the shopping experience, and improve people's lives. "

As a leading payment service provider in the Middle East and Central Asia, ZoodPay can provide leading cross-border BNPL for Chinese merchants   Payment solutions. Chinese merchants can either seamlessly integrate ZoodPay API on their own websites or applications , or directly list their products on active ZoodMall malls to sell to shoppers in these regions. Shoppers will be able to purchase products from Chinese sellers in local currency and pay in four interest -free installments after receiving the products .

ZoodPay&ZoodMall   It can provide value to merchants in one stop to expand their customer base and product sales. Safe, flexible and popular payment methods, comprehensive logistics operation support, and marketing promotion on ZoodMall all create new demand for merchants' products.

Michael Khoi, Group CEO of OrientSwiss , the parent company of ZoodPay and ZoodMall, commented : “This new funding will add value to customers and sellers as we expand across the Middle East and Central Asia. We are enhancing the shopping experience and improving people’s lives by providing them with the most convenient online and offline installment payment. ZoodPay can also help Chinese merchants enter the fast-growing online shopping market in the Middle East and Central Asia, thereby driving cross-border e-commerce. We would like to thank our investors for their trust and confidence, and we look forward to driving the ZoodPay super app ecosystem to new heights. ”

It is reported that ZoodPay 's buy now, pay later ecosystem includes the ZoodMall platform, as well as the local and cross-border logistics system ZoodShip . The ecosystem empowers merchants and provides value in a one-stop manner. It supports merchants in China, the Middle East, Central Asia, Turkey, Europe and Russia to open online stores in low-penetration and fast-growing local markets without additional construction costs or fees. By providing ZoodPay 's BNPL solutions in their offline and online stores and/or by listing their products on ZoodMall , ZoodPay can provide the following services to help sellers acquire new customers with high average order value and build brand loyalty:

1. Provide safe, flexible and popular payment methods by cash or through ZoodPay buy now pay later service;

2. Market and promote products and create demand through ZoodPay ’s B2C platform ZoodMall . ZoodMall already offers more than 7 million products from more than 30,000 local and cross-border sellers ;

3. Full logistics and distribution support and customer support to reduce product returns.

ZoodPay

Series B Financing