Following this announcement, the USD 5 million debt facility is expected to be leveraged in order to enable the expansion of the company, as well as optimise the business-to-business (B2B) transactions in the region of the United Arab Emirates and Saudi Arabia. The funding round was led by an undisclosed Abu Dhabi-based private family office.
In addition, Comfi will continue to focus on meeting the needs, preferences, and demands of its clients and customers in an ever-evolving market, while also prioritising the process of remaining compliant with the regulatory requirements and laws of the industry.
Comfi represents a B2B payment platform that was developed in order to provide flexible and secure payment services for manufacturers and suppliers alike, with a focus on driving innovation and financial inclusion for customers and partners in the region. The funding is set to optimise the manner in which the company accelerates the rollout of its embedded BNPL solutions, as well as the facilitation of USD 40 million in B2B transactions across the UAE and Saudi Arabia over the next year.
Buy Now, Pay Later (BNPL) refers to the type of service that gives users and individuals the possibility to make purchases and pay for them in installments over time, typically with no interest. The solution was developed to provide clients with the capability to benefit from security and convenience, as well as the needed information in order to avoid potential pitfalls.
At the same time, over the next year, Comfi is expected to facilitate B2B transactions in the region, as well as reinforce its position in the sector and optimise the overall experience of its customers and clients. Furthermore, the company will also prioritise the development of the overall financial landscape.
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