The FinTech-Bank collaboration is designed for consumers
Commercial Bank of Dubai (CBD) has approved a debt financing deal with Postpay, a leading omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East.
This inaugural debt financing arrangement is another example of how FinTech and traditional banks are partnering to leverage their collective experience and expertise to enhance the suite of financial products offered in the market, a press communique stated.
The strategic partnership with CBD will provide support to Postpay on several fronts including Transaction Banking, Debt Funding and E-Commerce solutions allowing Postpay to focus on growth and support to its customers and merchant partners.
The continued support from CBD will also enable Postpay’s planned expansion in the UAE, Saudi Arabia, and other GCC countries, the press statement continued.
“This facility provides the necessary fuel to our engine and empowers us to achieve our ambitious goals for the future,” remarked Tariq Sheikh, Founder and CEO, Postpay.
“We believe in supporting the growing FinTech ecosystem in the UAE so as to enhance the overall payments sector with innovative digital solutions like BNPL,” stressed Dr. Bernd van Linder, CEO, Commercial Bank of Dubai. Last year Postpay closed a US$ 10mn Pre-series A funding round, led by Afterpay, Touch Ventures and others.