• Toggle Market enables access to supply chain financing through its SaaS enabled
marketplace www.togglehospitality.com with a range of payable financing and cargo
transport solutions.
Toggle Market announces a new payable financing program to all its “Toggle
Hospitality” digital marketplace customers offering a Buy Now Pay Later (BNPL) with
flexible payment terms and increased choice and optionality when sourcing goods
across their supplier network of 100s of global brands.
The program 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 and is currently being expanded to Africa with an initial footprint across North
and East Africa.
The Dubai based technology company Toggle Market was founded in 2020 with a mission
to connect the word’s supply chain of non-standard goods through its SaaS enabled
platforms and ‘first-in-kind digitization of the procurement process’. It currently operates
Toggle Hospitality platform – the world’s 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 business 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
trade credit.
“BNPL for business is vastly different to B2C BNPL,” said Fuad Sajdi, CEO of Toggle
Market, “Through our SaaS enabled marketplace www.togglehospitality.com 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 6-12 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.”
“Adding economic value to hospitality businesses through our digital marketplace Toggle
Hospitality – and now through our expanded BNPL offering – is a major step towards the
necessary reform needed to supply chain infrastructure especially across emerging markets
which has so far lagged behind in digitization and yet have a healthy and substantial
pipeline of hospitality projects going onstream over the next decade,” added Muna Khogali,
COO of Toggle Market.
The Toggle Market team will be discussing the future of payable financing at the
forthcoming Future Hospitality Summit (FHS) which will debut in Dubai from 19 to 21
September 2022, and which brings together the Middle East and Africa’s industry leaders
for discussions, deals and insight on the continued growth of the region’s hospitality and
tourism sectors.
Hosted by Jumeirah Hotels & Resorts and co-organized by The Bench and MEED, FHS
brings together the investment communities of the Arabian Hotel Investment Conference
(AHIC), Global Restaurant Investment Forum (GRIF) and AviaDev under one roof. The
three-day summit takes place at Madinat Jumeirah from 19 to 21 September 2022, uniting
government leaders, hotel investors, owners, developers and operators to discuss the
industry’s hot topics, set the scene for the future and network with elite players in their field.
