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CHAMPION OF THE DAY
Mobile app ZoodPay
raises $38 million in funding
Proceeds to be used for expansion
ZoodPay, the ‘Buy Now Pay Later’ mobile application of the online shopping company ZoodMall has completed a $38 million fundraising round. It will use the proceeds to accelerate its growth and expansion in Lebanon which will boost local and cross-border e-commerce transactions.
ZoodMall was launched in Lebanon in 2019 and is now headquartered in Switzerland.
“This new funding will add value to both customers and sellers in Lebanon. We’re improving by offering the most convenient instant online and offline instalment payment options,” said Michael Khoi, Group CEO of OrientSwiss, the parent company of ZoodPay and ZoodMall.
The investors that have participated in the funding round include London-based investment boutique Sturgeon Capital, and Zain Ventures, the venture capital arm of Kuwait-based telecom operator Zain Group.
ZoodMall offers shoppers more than seven million products from 30,000 local and global sellers. It allows payments in four to six monthly instalments, without charging interest or fees.
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Nov 12, 2021
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