DUBAI: Financial technology startups in Saudi Arabia and the UAEoffering online short-term credit say they are enjoying exponential growth as the coronavirus pandemic drives a shift in consumer spending online.
Digital buy now, pay later (BNPL) purchasing is relatively new to the region where consumers have traditionally been skeptical of paying for goods before getting them.
But Saudi Arabian-based Tamara and UAE’s Spotii, Tabby and Postpay all say the take-up has far exceeded initial expectations. And investors are paying attention. Tamara last month raised $110 million in debt and equity, a large amount for an early stage Middle East startup.
By Syndicated Content
By Alexander Cornwell
DUBAI (Reuters) â Financial technology start-ups in Saudi Arabia and the United Arab Emirates offering online short-term credit say they are enjoying exponential growth as the coronavirus pandemic drives a shift in consumer spending online.
Digital buy now, pay later (BNPL) purchasing is relatively new to the region where consumers have traditionally been sceptical of paying for goods before getting them.
But Saudi Arabian-based Tamara and UAEâs Spotii, Tabby and Postpay all say the take-up has far exceeded initial expectations. And investors are paying attention. Tamara last month raised $110 million in debt and equity, a large amount for an early stage Middle East start-up.
Covid: Buy now, pay later start-ups driving shift in GCC consumer spending online msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Becketwell events venue to be run by Global entertainment company
Extra 250,000 visitors expected to flock to events in the city
A night-time view of the new Becketwell performance venue proposed for where Colyear Street is currently (Image: St James Securities)
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A leading worldwide entertainment company is set to manage and operate Derby s proposed new 3,500 capacity performance venue due to be built and opened in Becketwell in 2024.