The investment boosts Postpay’s position in the fintech space and allows it to serve leading retail groups.
UAE-based buy now, pay later (BNPL) player Postpay has secured a $10 million equity investment from London-based investment firm AP Ventures and prominent BNPL leader Afterpay.
Postpay cooperates with hundreds of top global brands, including Footlocker, H&M, Dermalogica, and other regional merchants, and the strategic investment marks a major milestone in the realm of Middle Eastern fintech, boosting Postpay’s position in the sectorial space and allowing it to serve leading retail groups in the Gulf and within the wider MENA region.
Tariq Sheikh, founder and CEO of Postpay, said "we are extremely grateful and excited to have Afterpay and AP Ventures as part of our investor-base. Afterpay is the pioneer of the zero cost-to-customer model, and we are honoured and privileged to work with them.”
“For Postpay,” he continued, “this strategic investment provides not only capital to enable us to accelerate our growth but also an opportunity to collaborate and bring new learnings from our new shareholders as we expand in the MENA region."
Hein Vogel, CEO at AP Ventures, added: "we believe that Postpay has an extremely strong team, product and partner-base to ensure market leadership in the region. We are proud to be a part of this journey in the Middle East - a region with such impressive growth. Our investment in Postpay fits well with our overall strategy and complements our other BNPL Investment in Asia as well."
In addition to the provision of funds, AP Ventures will nominate a name to join Postpay’s Board of Directors as part of the deal.