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RIYADH: The “Buy Now Pay Later” (BNPL) Super App ZoodPay has successfully raised $38 million in a Series B fundraising, MAGNiTT reported.

Global investors, including London-based VC Sturgeon Capital, and Zain Group’s venture capital arm ‘Zain Ventures’, participated in the funding.

ZoodPay will use the funding to accelerate its growth and expansion across the Middle East and Central Asia, stimulating local and cross-border e-commerce transactions through its marketplace ZoodMall and ‘Buy Now Pay Later’ solutions.

Headquartered in Switzerland, the ZoodPay & ZoodMall app already has more than 8 million users and ten offices across the Middle East and Central Asia.

The business commits to delivering a "Swiss quality" shopping experience and cross-border services to merchants and shoppers across fast-growing fintech and e-commerce emerging markets such as Uzbekistan, Iraq, Jordan, Lebanon, and Kazakhstan.

The third quarter of the year proved consistent with the stellar year of FinTech across MENA, Turkey, and Pakistan.

Observing a 55 percent quarter-on-quarter growth of funds backing FinTech across MENAPT, the industry observed yet another quarterly record as most recently recorded in the third quarter of 2021, according to MAGNiTT.

VC investors across MENAPT have been targeting online payment solutions and financial structuring services, as observed in FinTech Funding Rounds 2021 YTD, the startup data platform said.