Zip expands into EMEA with two acquisitions

Buy Now, Pay Later (BNPL) firm Zip has acquired Prague-based BNPL provider Twisto and UAE-based BNPL provider Spotii.

The Sydney, Australia-based Zip, founded in 2013, first launched in the UK in March 2021.

The FinTech said the move is part of wider plans to expand into European and Middle Eastern markets.

Zip currently has a market capitalisation of around A$5.83 billion, and reports around 38,500 retail partners and over 5,700,000 customers.

Twisto and Spotii will be integrated into Zip’s global Single Merchant Interface (SMI), which provides merchants access to 11 countries across five continents according to the FinTech.

Zip said Twisto’s license can be “passported” to all 27 member states of the EU, giving Zip access to Europe’s entire e-commerce market, which it said was worth $1.1 trillion annually.

The FinTech expects to complete the Spotii acquisition in Q3 CY21 and the Twisto acquisition in Q4 CY21, at a combined cost of A$180 million.

The news comes after Zip acquired the US-based BNPL company Quadpay in September 2020 for A$200 million.

The UK’s Buy Now, Pay Later (BNPL) market grew markedly in 2020, with its total value reaching £2.7 billion.

However, in February 2020, the Financial Conduct Authority released a review calling for greater regulation of the sector in the UK.

“We are very much looking forward to adding this strategic geography to our growing footprint and fulfilling global merchant demand,” said Zip co-founder and chief executive Larry Diamond. “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.”

He added: “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.”

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