Newsletter 11/23

• Buy Now, Pay Later provider Tamara has secured $150 million in debt financing for its shopping and payments platform. The firm, which serves consumers in the Gulf Cooperation Council (GCC) region, will use the receivables warehouse facility from Goldman Sachs to help finance its BNPL product and expand into new verticals. “This deal is the first of its kind in the region and a testament to the company’s performance and the team’s ability to win the trust of top tier global financial institutions like Goldman Sachs during a difficult global macroeconomic climate,” Tamara Co-founder and CEO Abdulmajeed Alsukhan said. http://bit.ly/3JNFuQi

• UK-based fintech Hokodo and French banking group BNP Paribas have partnered up to launch a new B2B Buy Now, Pay Later solution built for large commerce businesses. The new offering, which can be integrated into existing checkouts via an API, will enable multinational corporates to provide payment alternatives such as BNPL to their business customers. Hokodo says that through its real-time credit decision process and “highly configurable” underwriting models, the solution can offer instant buyer approval and streamline the order-to-cash experience. Founded in 2018 by Richard Thornton, Louis Carbonnier and Sami Ben Hatit, Hokodo provides B2B merchants with real-time trade credit solutions. It currently works with over 20 merchants and 15,000 buyers across the UK, France, Spain, Germany, Belgium and The Netherlands. https://bit.ly/3lp2lZe

• Canada's first B2B Buy Now, Pay Later solution offered at point-of-sale, announced the launch of a new partnership with Lenovo . Lenovo will now offer their business customers tabit 's BNPL payment method through their Tabit integration. In partnership with Tabit, Lenovo will offer terms of up to 12 months to their business buyers, including a 30-day option at 0% interest. Leveraging Merchant Growth 's data and 12-year history of underwriting small business risk, Tabit eliminates the traditional credit risk faced by suppliers, offering a user-friendly application process that can generate approvals in as little as 30 seconds. http://bit.ly/3ZM7B85

• The Saudi Central Bank (SAMA) granted MIS Connect , an investment and technology company based in Saudi Arabi, a permit to carry out Buy Now, Pay Later solution pursuant to the Saudi Central Bank law and Finance Companies Control law for providing finance to customers wishing to purchase products and services from merchants without incurring term financing cost. SAMA reiterated its commitment to support the financial sector and FinTech for enhancing operational efficiency to promote financial inclusion for the various segments of society in the Kingdom. The central bank said: “Granting permits to BNPL companies is a step toward achieving the objectives of the FinTech Strategy in its pursuit to be among the leading countries in FinTech.” http://bit.ly/3YQ5m29

• Buy Now, Pay Later player Sezzle announced its intent to list its shares of common stock for trading on the Nasdaq Global Market. Upon such listing, the Company’s shares of common stock (represented by CHESS Depositary Interests, or CDIs) would also continue to trade on the Australian Securities Exchange (ASX). To satisfy the minimum US$4.00 bid price required by the initial listing requirements of the Nasdaq Global Market, the Company’s Board of Directors has approved, subject to stockholder approval, a reverse split of the Company’s common stock. “A listing on the Nasdaq is a natural evolution for Sezzle given the Company is already filing the necessary reports with the SEC,” stated Charlie Youakim, Sezzle’s Chairman and CEO. “Although we are not seeking to raise capital as part of the Nasdaq listing, we are excited to expand the universe of potential investors to the United States.” http://bit.ly/3JoLldA

• Payments orchestration platform APEXX Global has raised $25m from existing and new investors, closing its Series B round. Founded in 2016, Apexx combines acquirers, gateways, shopping carts, alternative payments methods and BNPL products into a single API connection, easing the efforts of merchants to offer a complete one-stop shop option for consumer payments. Co-founder and CEO Peter Keenan says the new capital will be used to develop Apexx’s products and technology and to expand its presence in North America. http://bit.ly/3JNJXCy

If you enjoyed this week's edition of the Buy Now, Pay Later Newsletter, feel free to share it with all the other banking, payments, and fintech enthusiasts you know.

This is a wrap of global news coverage on the BNPL industry and does not necessary represent my view. This newsletter is in no shape or form related to my employer. Views expressed are my own.