DUBAI-Dubai-based Buy Now. Pay Later (BNPL) player Postpay is pleased to confirm it has secured a strategic equity investment from AP Ventures and global BNPL leader Afterpay. This equity investment represents an important milestone in the Middle Eastern fintech space and positions Postpay to best serve leading retail groups and brands across the GCC and the rest of the MENA region.
Postpay works with hundreds of leading global brands, including H&M, Footlocker, Dermalogica and regional merchants such as The Entertainer, Kcal and Squat Wolf.
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 are the pioneers of the zero cost to-cus omer model, and we are honored and privileged to have the to work with them For Postpay, 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."
Anthony Eisen Co-CEO and Co-Founder at Afterpay said "We are excited to support Postpay as they grow the buy now, pay later market in the Middle East. We have seen first-hand the incredible uptake of BNPL globally and have no doubt that Postpay will deliver a best-in-class solution across the Middle East."
Hein Vogel, CEO at AP Ventures said "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 investment from Afterpay and AP Ventures (which is expected to complete in the coming days) APV will be nominating a director to join the Board of Directors of Postpay.
About Postpay
Postpay was founded in 2019 in Dubai, UAE and has solidified their position as the leading buy now, pay later provider in the MENA region. Their vision is to provide the region with a best-in-class buy now, pay later solution that benefits both Shoppers and Merchants. They offer shoppers the option to pay in three monthly instalments at their partner stores with absolutely no interest or fees. While they shift these costs to retailers as a premium payment gateway (often charging over 5% per transaction) - their solution increases conversion rates up to 30%, average order values by over 50% and reduces return rates by over 25% - all with absolutely no added risk for the retailers as they get settled up front on a weekly basis.
Postpay has experienced explosive growth in the last year and has several more exciting announcements on the horizon. In addition, they have integrated with hundreds of merchants and partnered with several multinational retail giants including Alshaya Group. This strategic partnership with Afterpay is set to reinforce Postpay's position as the market leader. At their current growth. trajectory one can expect to see Postpay at all leading brands in the region in a short space of time In addition, they are playing an integral part of both the retail and payments industries in the region.
https://postpay.io/
About Afterpay Limited
Afterpay Limited (ASX APT) is transforming the way we pay by allowing customers to receive products immediately and pay for their purchases over four installments, always interest-free. The service is completely free for customers who pay on time - helping people spend responsibly without incurring interest, fees or extended debt. As of March 2021, Afterpay is offered by nearly 86,000 of the world's favourite retailers and has more than 14 million customers globally
Afterpay is currently available in Australia, Canada, New Zealand, the United States and the United Kingdom, France, Italy and Spain, where it is known as Clearpay. Afterpay is on a mission to power an economy in which everyone wins,
About AP Ventures
AP Ventures Limited (AP Ventures) is an investment vehicle which invests in high growth, scalable businesses, with the aim of creating long-term value for its shareholders. AP Ventures typically invests $10m to $25m to help companies scale up to their full potential AP Ventures has a global mandate and typical areas of interest include retail innovation, consumer, finance and data. Where appropriate. portfolio companies may also be provided with access to Afterpay's platform, merchants and customers.
https://www.apventures.com.au/
© Press Release 2021
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