Commercial Bank of Dubai has approved a debt financing deal with Postpay, an omni-channel Buy Now, Pay Later (BPNL) provider in the Middle East.
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, KSA, and other GCC countries. The financing facility helps solidify Postpay’s place as the region’s leading BNPL firm with the most diverse range of brands. Further, it supports their promise to create a seamless payment journey for consumers and to provide greater financial flexibility both online and in-store across the region.
“We are delighted to extend our partnership with CBD, a leading financial Institution that is committed to supporting innovation in financial technology. This facility provides the necessary fuel to our engine and empowers us to achieve our ambitious goals for the future”. said, Tariq Sheikh, Founder and CEO of Postpay.
Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, commented: “The partnership with Postpay is in line with our commitment to back our customers’ ambitions. 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.”
