Now We Build - Ziyaad Ahmed on exiting, re-acquiring, and exiting the first BNPL platform in MENA

In this conversation, Ziyaad Ahmed shares his entrepreneurial journey, detailing the founding of Spotii, a FinTech company in the UAE, and the challenges faced in building a startup in a developing ecosystem. He discusses the impact of COVID-19 on consumer behavior, the fundraising landscape in the UAE, and the unique dynamics of being co-founders with his sister. Ziyaad also reflects on the acquisition of Spotii by Zip and the subsequent transition to a new venture focused on AI.

𝐊𝐞𝐲𝐰𝐨𝐫𝐝𝐬
Spotii, FinTech, UAE, entrepreneurship, COVID-19, fundraising, sibling co-founders, acquisition, AI, startup ecosystem

𝐓𝐚𝐤𝐞𝐚𝐰𝐚𝐲𝐬
• Spotii was founded to address a gap in the MENA region's payment industry.
• The UAE's startup ecosystem has evolved significantly in recent years.
• COVID-19 accelerated the shift towards online shopping in the region.
• Fundraising in the UAE is dominated by family offices and government funds.
• Sibling co-founders can leverage their trust to navigate challenges effectively.
• Acquisition offers can be both flattering and strategically beneficial.
• Transitioning to a capital-light business model can mitigate risks.
• AI is seen as a transformative force in various industries.
• Building a strong tech stack is crucial for startup success.
• The journey of entrepreneurship is often filled with emotional highs and lows.

𝐓𝐢𝐭𝐥𝐞𝐬
• Building a FinTech Revolution in the UAE
• From Employee to Entrepreneur: The Spotii Story
• How COVID-19 Changed Consumer Behavior

𝐒𝐨𝐮𝐧𝐝 𝐁𝐢𝐭𝐞𝐬
"This is a product that could do really well."
"The UAE has made great strides over the past five years."
"65% of startups will fail because of founder disagreement."
"We want to build out a global BNPL platform."
"It's incredibly flattering when someone wants to acquire you."
"We managed to sign on Amazon, for example."
"We decided to pivot the business to avoid capital requirements."

𝐂𝐡𝐚𝐩𝐭𝐞𝐫𝐬
00:00 The Founding Journey of Spotii
02:56 Navigating the UAE Startup Ecosystem
05:55 Impact of COVID-19 on Business
08:48 Fundraising Landscape in the UAE
11:56 Sibling Co-Founders: A Unique Dynamic
14:58 Acquisition Journey of Spotii
17:50 Transitioning to AI and Future Prospects