• UAE-based fintech NymCard has acquired Spotii, a buy now pay later startup that was initially acquired by Australia's publicly-listed Zip in 2021 for $16.3 million. 
• The acquisition combines Spotii’s technology, risk engine and market expertise with NymCard’s banking as a service and card issuing platform, presenting prospective clients with a solution to offer credit-on-demand products. 
• Founded in 2020 by Anuscha Iqbal and Ziyaad Ahmed, Spotii had begun winding down its operations in the UAE, before announcing that it had acquired a BNPL licence from Saudi Arabia's Central bank earlier this month. 
• NymCard was founded in 2018 by Omar Onsi as a payments infrastructure provider. 

Press release:

NymCard, the leading payments infrastructure provider in the MENA region, has completed the acquisition of Spotii, a prominent Buy Now Pay Later (BNPL) Fintech operating in key markets including KSA, UAE, and Bahrain. This strategic move positions NymCard to offer its financial services client base a fully customisable BNPL product tailored to their specific needs and local markets. The acquisition marks a significant milestone in democratising BNPL services in the region.

Spotii was originally established as a direct-to-consumer BNPL service with a base of over 1 million registered customers and over 1,500 merchant partners. This acquisition combines Spotii’s leading technology, risk engine and market expertise with NymCard’s powerful BaaS and Card Issuing platform, presenting prospective clients with a powerful solution to offer credit-on-demand products.

The integrated platform will serve both B2C and B2B markets seamlessly, enabling instant installment options through its nine modules. These modules encompass cutting-edge features such as eKYC, AI-driven OCR, machine learning-powered rules, cohort-based risk engine with intelligent risk assessment, a fully configurable Loan Management System, AI-driven collections app, decision-making processes and more.

"Spotii significantly expands the range of BaaS products and services available to NymCard clients, greatly reducing barriers to launch new innovative products” shared Omar Onsi, CEO & Founder of NymCard. “We are thrilled to offer a comprehensive BNPL solution that can be tailored to meet the requirements of banks, financial institutions, retailers, fintech companies and most importantly, their end customers. This acquisition aligns with our mission to deliver innovative and accessible payment solutions to businesses across the MENA region and beyond."

With enhanced payment solutions, a unified technology stack, improved data analytics capabilities, and an expanded geographic reach, NymCard and Spotii can deliver a comprehensive suite of payment and financial solutions, attracting a broader customer base and fostering stronger partner relationships.

"The combination of NymCard and Spotii creates significant synergies and strengthens our value proposition,” said Anuscha Iqbal, co-founder of Spotii.

“Our unique services, such as Smart Expense Categorization, Invoice Payment and Reconciliation, LLM driven Customer service and Collections app, instant credit decision ML model or smart OCRs, enable us to offer a wide range of value-added services that are unparalleled in the market,” said Ziyaad Ahmed, co-founder of Spotii.

This acquisition underscores NymCard's commitment to empowering businesses of all sizes with modern payment solutions, including prepaid cards, multi-currency offerings, charge and credit cards, and BNPL solutions. To learn more about how our services can benefit your organization, get in touch with us today.