The acquisition merges Spotii’s technology, its one million registered customers, and 1,500 merchants with NymCard’s BaaS and card issuing platform. As a result, NymCard will reportedly be able to expand its range of services to include credit-on-demand offerings that are configured to cater to the preferences of financial institutions, banks, retailers, fintechs, and end customers.
Through its nine modules, the integrated platform will seek to serve both B2B and B2B markets. Some of the functionalities that the nine modules include are: OCR powered by AI, a configurable loan management system, a collections application driven by AI, KYC capabilities, machine-learning-enabled rules, and a risk assessment engine utilising cohort-based analyses to evaluate risks, Gulf Business continues.
Officials from NymCard have stated in the official release that the acquisition of Spotii not only broadens the set of BaaS products and services that are accessible to its clients but also facilitates the launch of new products and services.
The acquisition represents an achievement in making BNPL services more accessible and inclusive in the region. The value of the transaction was not made public.
The acquisition of Spotii is part of the fintech’s strategy to provide modern payment solutions to businesses of all sizes. NymCard is a payment platform with an established presence in the Middle East and North Africa that enables businesses to launch new payment offerings such as prepaid, charge, and credit cards, multi-currency offerings and BNPL services. The fintech is regulated by the Central Bank of the UAE. The company is also a member of Visa and Mastercard.
Given that its solutions are API-based, NymCard allows its customers to augment their capabilities by embedding financial solutions onto their platforms.
In 2022, NymCard’s growth prospects expanded following Mashreq Bank’s acquisition of a stake in the fintech in light of a surge in digital payments in the region. Moreover, the company also garnered attention after it raised USD 22.5 million that it leveraged to improve its product development and broaden its footprint in existing markets.
What is more, in late 2022, it was announced that the fintech partnered with Western Union in a joint venture that aimed to enable fintechs and financial institutions in the UAE to provide international money transfer services through Western Union’s infrastructure.
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