Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East.
Postpay will be supported due to this carefully planned partnership with CBD while being supported in Transaction Banking, Debt Funding and E-Commerce solutions allowing Postpay to focus on growth and support to its customers and merchant partners, CBD will also enable Postpay’s planned expansion in the UAE, KSA, and other GCC countries.
Postpay is now able to support their promise to consumers to create a seamless payment journey for consumers and be able to provide financial flexibility across the region, both online and in-store. This financing facility solidifies the company's place as the region's leading BNPL firm.
"We are delighted to extend our partnership with CBD, a leading financial Institution that is committed to supporting innovation in financial technology. This facility provides the necessary fuel to our engine and empowers us to achieve our ambitious goals for the future," said Tariq Sheikh, Founder and CEO of Postpay.
For CBD, this is the latest step in their FinTech partnership journey; a journey that recently culminated in CBD establishing a permanent presence in the DIFC Innovation Hub, the largest FinTech ecosystem in the region.
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, commented, "The partnership with Postpay is in line with our commitment to back our customers’ ambitions. We believe in supporting the growing FinTech ecosystem in the UAE so as to enhance the overall payments sector with innovative digital solutions like BNPL."
Last year Postpay closed a $10 Million Pre-series A funding round, led by Afterpay, Touch ventures (and others) which accelerated the growth of the company several fold positioning it as one of the leading Fintech players regionally.
News Source: Emirates News Agency