Dubai-based technology company Toggle Market has announced a new payable financing program for its Toggle Hospitality digital marketplace customers, offering a Buy Now Pay Later (BNPL) option with flexible payment terms and increased choice when sourcing goods across its supplier network of hundreds of global brands.

The programme, which was being piloted across a small number of hotels and F&B groups in the Middle East and Europe, is now fully available to all qualifying hospitality businesses in those regions. It is currently being expanded to Africa with an initial footprint across North and East Africa.

Since being founded in 2020 with the mission of connecting the word’s supply chain of non-standard goods through its SaaS enabled platforms and digitisation of the procurement process, Toggle Marketplace has gone on to operate the Toggle Hospitality platform, which it claims is the first direct to business multi-vendor digital  marketplace for hospitality furniture, operating supplies and equipment.

The company has partnered with underwriters and private creditors to facilitate its payable financing services to enterprises, large and SME businesses across the hospitality sector: namely hotels, restaurants and cruise liners. Toggle Market uses credit risk modelling and banking data to offer B2B customers flexible financing solutions, including up to 365 days of trade credit.

“BNPL for business is vastly different to B2C BNPL,” said Fuad Sajdi, CEO of Toggle  Market. “Through our SaaS enabled marketplace we have been able to drive offline purchases online. We have created a platform that gives total control for the horeca industry to dictate what payment terms they want to have, helping them spread payments over six to 12 months, whilst guaranteeing their suppliers are still paid within 24 hours. We now enable businesses that want to scale regardless of the market conditions  and help them better their own customer service.”

>With a growing buyer customer base covering 27 countries and a global supplier network of  hospitality manufacturers, the expanded BNPL solution will dramatically reduce risk to sellers and offer buyers much needed flexible payment plans.

Sajdi added, “As demand for B2B BNPL solutions continues to grow, we believe that  scaling our marketplace applications to serve other verticals to drive more B2B purchases online, offer customers more control on how they pay and reduce pressure on balance sheets. We look forward to leveraging our technology applications, infrastructure and partnerships with financial service providers as well as cargo transport companies to reduce  friction in the global supply chain for SMEs across multiple industry sectors.”

payment technology technology Toggle Market