Mashreq invests $10 million in monetary firm Casio

  • Lengthy-term relationships to supply added worth to Newpay platform sellers and buy-now-pay-later prospects.

Mashreq, a number one monetary establishment within the Center East, has introduced its intention to speculate $10 million in CASHU, a number one progressive monetary know-how firm that gives Purchase Now, Pay Later (BNPL) companies to purchasers within the UAE and the Kingdom of Saudi Arabia. As a part of its strategic funding, Mashreq will embrace Cashew Funds as an choice in Mashreqbank’s NEOPAY fee answer platform and also will help the launch of Cashew in Egypt.

This cope with Mashreq is exclusive in fintech within the area as it isn’t restricted to a transactional relationship between two monetary establishments, however relatively entails the 2 events collaborating to convey new merchandise to market, together with “post-paid” choices with longer compensation durations and better billing volumes for customers, and to introduce the area’s first “level of sale” lending choices later this yr. Mashreq will present cashew nut companies and merchandise to its retailers and business financial institution prospects.

Whereas some sectors akin to schooling, journey and healthcare aren’t at present eligible for postpaid choices, the partnership between Mashreq and Cashio will quickly develop and broaden to incorporate these new sectors and supply customers with quite a lot of fee choices that can remodel Postpaid. » panorama at a quick tempo. .

Fernando Murillo, Senior Government Vice President and Head of Retail Banking at Mashreq Financial institution, mentioned: “Our partnership with CASHU will pave the best way for the way forward for monetary companies within the area, and we’ll leverage Mashreq’s total community of retailers and customers to supply our ecosystem with choices.” Purchase now, pay later.” The commonest and versatile choice in the marketplace, this selection is producing growing curiosity and growing international visibility and can develop by 71% within the UAE in 2022 in comparison with final yr. This collaboration with Cashio will permit our prospects extra flexibility in paying for his or her purchases and we sit up for providing extra companies as we proceed to supply our prospects within the UAE with extra choices and extra comfort as we sit up for provision of this service all through Egypt sooner or later.”

Ammar Afif, co-founder and CEO of CASHU, mentioned: “Mashreq is likely one of the most vital banks within the area and can supply our purchasers many advantages as we proceed to develop our service choices. In the long run, we are able to solely obtain these targets by partnering with respected monetary establishments akin to Mashreq who perceive the significance of the rising postpaid sector and try to be part of it.”

Cashew Cost is a number one fintech firm offering Purchase Now, Pay Later (BNPL) companies to customers within the United Arab Emirates and Saudi Arabia. The corporate is dedicated to offering customers with sensible instantaneous financing options via a easy and handy fee methodology.

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