Technology acquisition from U.S. resale goods partner Backflip announced with the global exchange platform’s first market in Kuwait
Kuwait City, Kuwait, 11 March 2025:
BUYVEST, the avant-garde destination for trading authenticated luxury assets through a curated exchange and auction platform, today announced its strategic partnership with Backflip, a U.S. resale technology company. The agreement marks a major milestone for both companies with Backflip becoming a U.S. technology investor in BUYVEST and the launch of the global exchange platform featuring luxury handbags, watches, and other highly sought-after assets.
Introducing a whole new digital economy of trust for luxury asset investors worldwide, only authenticated assets are allowed to be traded through the BUYVEST app and platform. Each asset listed receives meticulous examination by a global team of world-class experts to ensure the greatest level of authenticity. The unique user experience is further enhanced by novel AI tools and personalized for curators, buyers, sellers, and anyone interested in acquiring knowledge about this growing market attracting a new generation of collectors and enthusiasts investing in iconic brands.
BUYVEST is establishing itself as an integral part of the multi-billion dollar luxury goods industry, starting with its first market in Kuwait. The IMARC Group estimates the pre-owned luxury goods market alone to reach USD 77.8 billion by 2033, representing significant financial investments with a strong potential to appreciate over time. BUYVEST’s ecosystem expansion and the location of the company’s global headquarters will be announced in 2025.
“Our mission at BUYVEST is to build a community and economy of trust with technology advancements focused on digitally transforming the luxury assets market and elevating the user experience,” said Waddah Al-Mousa, Founder and CEO of BUYVEST. “Backflip’s expertise and proven technology perfectly align with our vision of creating a seamless and rewarding experience for both buyers and sellers within the luxury assets market and is instrumental in propelling BUYVEST to the forefront of the digital exchange landscape.”
With deep expertise in the science of efficient resale processes and years of extensive R&D investments in this domain, Backflip’s innovative technology provides a significant competitive advantage for the BUYVEST platform. In addition to the investment, Mike Barile, Backflip’s Co-founder and CEO, will join BUYVEST’s Executive Committee Board.
“We are incredibly excited to partner with BUYVEST and support their mission of revolutionizing the digital economy landscape in Kuwait and beyond,” said Mike Barile, BUYVEST investor and former CEO of Backflip. “BUYVEST’s dedication to innovation and customer satisfaction aligns perfectly with our values at Backflip. We are confident that our technology and expertise will be a valuable asset to BUYVEST as they continue to grow and expand.”
About BUYVEST BUYVEST is a global exchange and auction platform for new and previously-owned luxury assets, where authenticity, esteemed profiles, and secure transactions converge to set new standards in the industry. The premier destination for buyers and sellers of luxury handbags, watches, and other collectibles provides a seamless experience to discover unique treasures and engage with a community of fellow enthusiasts. With each asset authenticated by a team of global experts to ensure the greatest level of accuracy, BUYVEST is elevating the industry and building a digital economy of trust for luxury asset investors. Please visit us at www.buyvest.co and follow us on Instagram and LinkedIn.
About Backflip
Backflip was a U.S. based technology startup offering the world’s most convenient retail buyback experience. The consumer offering enabled users to instantly sell their used valuables all at once, including at-home pickups without any hassles. Backflip also offered B2B software to other resellers that included an AI tool for instantly converting photos of apparel into ready-to-post marketplace listings alongside an inventory management system. The multimillion-dollar revenue platform that served the U.S. market in the electronics industry is now part of the BUYVEST platform serving the luxury assets market. Prior to selling its technology to BUYVEST, the company was based in Texas with operations in Austin, Houston, Dallas, and San Antonio.
