Spotii went live in April, has 11 retailers on its site and will be announcing a funding round in the coming weeks.Ĭash-strapped millennials now use instalment plans to pay for clothes Postpay, which raised $500,000 (Dh1.8 million) in seed funding, is in the midst of a new funding round, while Tabby just raised $7m in funding, bringing the total to $9m, to fuel growth and expand to Saudi Arabia.
"And on the other side you have retailers who are battling to drive conversion, average order values, and reduce return rates as well." Both postpay and Tabby unveiled their services earlier this year and have each partnered with around 20 retailers so far. "Our ethos is to solve an existing problem in the market, because on the one hand you have customers who are … screaming for some sort of alleviation of costs and they want instalments without APRs and without all the hidden fees," says Tariq Sheikh, founder and chief executive of postpay. Recent FinTech start-ups in the Emirates offering monthly instalment plans or delayed payments for purchases as small as a new pair of shoes – include postpay, Tabby and Spotii. The inspiration for postpay was being fed up with the financial institutions charging fees and interest on the fees.
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