Fintech ZoodPay raises USD 38 million for its Buy Now Pay Later app

Lausanne-based “Buy Now Pay Later” (BNPL) provider ZoodPay has closed a Series B funding in the amount of USD 38 million. The funds will be used to accelerate the company’s growth and expansion in Iraq.

ZoodPay, the BNPL app has successfully completed a USD 38 million Series B fundraising, attracting significant attention from leading global investors.

London based VC Sturgeon Capital, Zain Group’s venture capital arm Zain Ventures, and other existing investors joined the funding round. Zain Group is a leading telecom operator, present in seven countries and serving over 48 million customers across the Middle East and Africa.

ZoodPay’s BNPL ecosystem includes the ZoodMall marketplace, and the logistics local and cross-border system, ZoodShip. This ecosystem empowers and incentivizes merchants in the Middle East, Central Asia, China, Europe, Russia and Turkey to open their storefronts to local, low-penetrated and fast-growing markets including Iraq, Jordan, Lebanon, Uzbekistan and Kazakhstan without additional set-up costs or fees.

ZoodPay as well as its parent company OrientSwiss are headquartered in Lausanne (canton of Vaud). In Iraq, the company has an established presence in Erbil and is now expanding to Baghdad, recruiting more than 100 employees to support its growth plans.

Michael Khoi, Group CEO of OrientSwiss, commented: “This new funding will add value to both customers and sellers across our geographies. We’re improving people’s lives by offering the underbanked population a convenient instant online and offline instalment payment solutions for their shopping experience. For the first time in Iraq, shoppers will have the opportunity to shop now and pay later on ZoodMall, in offline shops, or on merchants’ online stores in Iraq and regionally.”