Tamanna BNPL

About Tamanna BNPL

Spendwisor is a Qatar-based fintech company founded in July 2020 by Safarudheen Farook and Khalid Easa NA Al-Kaabi. The company operates as a financial platform with a primary focus on "Buy Now, Pay Later" (BNPL) services, mobile payments, and integrated customer loyalty programs.

Initially launched with a 3-in-1 app featuring a mobile wallet, mobile point-of-sale (mPOS), and a rewards system, Spendwisor has evolved to heavily emphasize its BNPL solution. This service allows consumers to purchase goods and split the payment into four interest-free installments over a period of three months. The platform is designed to serve both shoppers and retailers; shoppers gain financial flexibility, while retailers can accept mobile payments, create cashback campaigns, and use payment data to run targeted marketing.

In July 2021, Spendwisor secured $1 million in a pre-seed funding round led by angel investors. This was notably coupled with a QAR 190 million (approximately $50 million) capital commitment from GEM Global Yield, a private alternative investment group. This commitment was later increased to $85 million in January 2022, intended to fuel the platform's development and expansion into markets in the Middle East, Europe, and Africa. The company is one of the first fintech firms approved by the Qatar Central Bank (QCB) to operate within its regulatory sandbox for BNPL solutions, indicating a strong position in the local market.

The business model primarily targets the retail sector, offering a Sharia-compliant financial product. For consumers, the app provides a digital wallet, expense tracking, and the ability to apply for credit limits ranging from 1,000 to 25,000 Qatari Riyals. For merchants, it serves as a payment processing and digital marketing tool, helping to reduce marketing costs by leveraging customer shopping data for tailored promotions. The loyalty program's key feature is that rewards earned are brand-agnostic, meaning points can be earned at one store and redeemed at any other brand within the Spendwisor ecosystem.