Mashreq Bank invested up to $10 million in Cashew, a FinTech startup offering buy now pay later (BNPL) services to consumers in the United Arab Emirates and Saudi Arabia. As part of the strategic investment, Mashreq will integrate Cashew Payment as an option of the acquiring network of Neopay as well as provide support for the launch of Cashew in Egypt.
“Our partnership with Cashew will lead the way for the future of financial services in the region. We will leverage the full network of our merchants and consumers to provide our ecosystem with the most ubiquitous and flexible BNPL options in the market,” Mashreq Bank Group CEO, Ahmed Abdelaal, said.
Cashew and Mashreq will also collaborate and offer new products to the market including longer tenure, higher ticket size BNPL options for consumers and Point of Sales lending options later this year. Mashreq would offer Cashew services and products to its merchants and business banking customers.
Through the partnership, Cashew and Mashreq will expand to sectors such as education, travel and healthcare and give consumers numerous payment options.
“Mashreq is one of the most respected banking brands in the region, so they will bring our customers many benefits as we continue to grow our service offerings. This partnership will give consumers the largest merchant network to shop at, larger ticket size and the ability to pay over longer terms. We can only accomplish these goals for our customers by partnering with respected financial institutions that understand and want to be a part of the growing BNPL segment,” Cashew Co-Founder and CEO, Ammar Afif, said.
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