BNPL Player Zoodpay Expands to Pakistan With Acquisition of Tez Financial Servicesby Fintechnews Switzerland May 30, 2022
ZoodPay, a Swiss-based buy now, pay later (BNPL) platform for e-commerce customers in the Middle East and Central Asia, has made its entry into Pakistan by fully acquiring the Karachi-headquartered Tez Financial Services.
Tez was granted a Non-Bank Financial Company (NBFC) license in 2018 and is backed by investors including Planet N, Flourish Ventures and Accion.
It has since provided micro-loans to the unbanked and underbanked masses across 160+ cities in Pakistan.
Michael Khoi, CEO of ZoodPay said,
“Pakistan is a market brimming with potential given the number of people seeking access to credit facilities.
We’re confident that by combining ZoodPay’s unique ecosystem and experience operating in frontier markets with Tez’s local know-how, strong team and ecosystem partnerships, we’ll be able to positively impact the life of Pakistani people and empower them by giving them access to easy, affordable and reliable digital financial services”
Nadeem Hussain, Chairman of Tez said,
“The Pakistani startup ecosystem has hit its inflection point. In addition to sizable fundraises, acquisitions of local players by international players are starting to take place.
This further validates the global value Pakistani startups are creating. Planet N was one of the first in the market to invest in startups. We are now seeing the first-mover advantage.”
Featured image credit: Edited from Unsplash