By Daniel Lanyon on Monday 24 May 2021
With the acquisitions of European BNPL provider Twisto and UAE-based Spotii, the firm is further gearing up for growth as the sector competition heats up.
Buy Now Pay Later firmZip has made a major push for expansion into Europe and the Middle East with the acquisitions of European BNPL provider Twisto and UAE-based Spotii, according to an update to the ASX.
These strategic transactions will enable Zip, it said in the statement, to respond to the increased demand from merchants for a single global BNPL solution across multiple markets with 'a consistent global service quality'.
Zip, which listed on the Australian stock market back in 2015. In recent years it has been on an acquisition hunt including the US-based ‘BBNPL company Quadpay and now Twisto and Spotii, which was only founded in 2020, as it seeks to compete on a global level with the likes of Klarna and Afterpay.
Competition in the BNPL space is heating up, along with the accompanying growth in valuations.
Zip Co-founder and CEO Larry Diamond said: “We are very much looking forward to adding this strategic geography to our growing footprint and fulfilling global merchant demand. We have been impressed by the Twisto team, their deep customer focus and product set and look forward to working closely with them to deliver on the opportunities we jointly have in front of us.”
“The Spotii acquisition is an important step in Zip’s global expansion and international strategy, with Ecommerce in the Middle East on a significant upward trajectory," he added.