Dubai: Daman Investments took the lead in the fundraising for Spotii, a digital payments platform focused on fashion, beauty and lifestyle brands.
“We have been monitoring the start-up landscape for businesses that are able to traverse the current situation and would also be active contributors to the growth of the region,” said Ahmed Khizer Khan, CEO of Daman Investments. “Spotii, as a brand and the strong team behind it, has successfully tapped into the rapidly changing consumer buying behaviour.
“We are confident that this product is well positioned to greatly contribute towards the fast developing fintech ecosystem in the GCC.”
Spotii was founded by siblings Anuscha Iqbal and Ziyaad Ahmed. It developed a way for customers to shop and pay over four equal instalments with no interest, no cost. Business owners on the other hand receive several tangible benefits, including full upfront payment for their sales, larger basket sizes, improved conversion rates and fewer refunds.
Spotii went live in April and has 30 plus merchants on its platform.