ZoodPay, a Switzerland-based buy now, pay later (BNPL) platform operating in the Middle East and Asia, has acquired Pakistani consumer lending fintech Tez Financial Services for an undisclosed sum.
Founded in 2016, Tez offers small loans to unbanked and underserved Pakistanis through its smartphone app and digital platform.
Through the acquisition, ZoodPay enters Pakistan as a new player in its burgeoning digital lending and fintech space.
“Pakistan is a market brimming with potential given the number of people seeking access to credit facilities,” says Michael Khoi, CEO of ZoodPay.
He adds the firm aims to “empower” its customers by giving them access to affordable digital financial services.
With 11 offices across the world, ZoodPay utilises artificial intelligence-based technology to offer flexible payment solutions to businesses across Central Asia and the Middle East.
ZoodPay has also launched its Series C round, with part of the proceeds to be allocated towards the acquisition of Tez.