Spotii, a leading “Shop Now, Pay Later” platform in the GCC

Daman Investments PSC leads the successful capital raising for Spotii, a leading “Shop Now, Pay Later” platform in the GCC

This transaction demonstrates the continued commitment of Daman  Investments  in  directing  long  term  capital  to  the  region’s   start-up ecosystem.

July 05, 2020 – DUBAI

Daman Investments leads the successful fundraising for Spotii, an innovative digital payments platform focused on fashion, beauty and lifestyle brands that is already making waves across the GCC e-commerce landscape.

Spotii has developed a trusted and inclusive way for customers to “Shop Now and Pay Later” over four equal instalments with no interest, no cost and no catch. Additionally, business owners receive    several tangible benefits, including full upfront payment for their sales, larger basket sizes, improved conversion rates and fewer refunds.

As sister and brother, in addition to being founding partners, Anuscha Iqbal and Ziyaad Ahmed designed Spotii around a shared goal of helping small businesses and local brands by making their product offerings more attainable for the UAE shopping community.

Spotii’s mission is to empower customers to enjoy their shopping experience without worrying about excessive costs or hidden fees. At the same time, Spotii provides business owners with a proven and dynamic conversion strategy that also enhances customer loyalty. Spotii was designed to support the region’s e-commerce ecosystem and grow a vibrant community centred on people and trust. As more businesses gravitate online, providing an easy-to-use consumer friendly payments solution is a vital value-added service that businesses can offer their customers.

“The launch of this payments platform couldn’t have come at a better time, especially as business owners navigate the current market turbulence in order to position themselves for future success. We have been monitoring the start-up landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region. Spotii, as a brand and the strong team behind it, has successfully tapped into the rapidly changing consumer buying behaviour. We are confident that this product is well positioned to greatly contribute towards the fast developing fintech eco system in the GCC region” said Ahmed Khizer Khan, Chief Executive Officer of Daman Investments.

“We are extremely excited to be partnering with Daman Investments. Daman has been an active advocate of regional start-ups for decades providing long-term support and we look forward to growing Spotii together through our strategic partnership,” said Anuscha Iqbal, Chief Executive Officer of Spotii.

Spotii went live in April and already has 30+ merchants on its platform with more being added constantly. We are partnering with an innovative executive team that is already in the process of growing its offering giving consumers flexibility and easy to use solutions,” added Mahyar Ghassemi, Head of Investments & Advisory at Daman Investments.

Mahyar will join Spotii’s Board of Directors  to  support  Spotii’s  growth  and  geographic  expansion  as  the  business  continues  its  expansion  into  Saudi  Arabia and across the GCC.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s