Dubai-based FinTech Comfi reportedly secured a $5 million debt facility to expand its B2B payment platform and support its launch of an embedded buy now, pay later (BNPL) solution.
The funding will also facilitate $40 million in B2B transactions across the United Arab Emirates and Saudi Arabia over the next year, Waya reported Wednesday (June 26).
The debt facility came from an undisclosed Abu Dhabi-based private family office, according to the report.
Comfi was founded in 2023 by Alisher Akbarov, Amal Abdullaev and Sanjar Samiev and enables manufacturers and suppliers to offer their buyers flexible payment solutions, per the report.
The company’s platform aims to fill market gaps and streamline and modernize the entire deal and payment process, according to its website.
PYMNTS Intelligence found that digital features have been table stakes in the UAE’s retail landscape. Seventy-one percent of consumers in the country actively use digital features to enhance their shopping experiences, according to the “2024 Global Digital Shopping Index: UAE Edition,” a PYMNTS Intelligence and Visa Acceptance Solutions collaboration.
In another development in the country, Reem Finance said in April that it partnered with Visa to expand its offering of digital payment solutions.
In this collaboration, Reem Finance, which is a financial services provider in the UAE, will introduce contactless-enabled Visa cards and digital wallets. These payment solutions will serve individuals, small- to medium-sized businesses (SMBs) and international corporations.
In March, Adyen and Cleeng expanded their partnership into the UAE market.
In this partnership, Adyen is supporting Cleeng as it moves into the UAE market for the first time. Cleeng, a Software-as-a-Service (SaaS) platform for subscriber retention management in the media and entertainment sector, is also active in the United States and Europe.
It was reported in January that the FinTech funding drought seen elsewhere in the world didn’t touch the UAE.
While investments in the FinTech sector fell by half all over the world, investments in the sector jumped 92% in the UAE.
The difference in these trends was reportedly due in part to the UAE’s friendlier regulations and greater adoption of tools like digital banking.
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