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.”

    Share Story:

Recent Stories


The Future of Intelligent Finance
FStech Group Editor Mark Evans sits down with Jason Cao, President of Global Financial Services Business Unit, Enterprise BG at Huawei ahead of its Intelligent Finance Summit which was held on 3rd and 4th of June in Shanghai. This Q&A delves into key trends in digital transformation of the financial services industry as well as a look at how data, robotic infrastructure, intelligent storage and innovative technologies are shaping the future for FSIs.

The Rise of Instant Payments
Instant payments are creating new business opportunities for banks by providing more touchpoints than ever. With these evolutions underway, Featurespace brought leading industry experts together to discuss how they are protecting customers from fraudsters in real time, utilizing innovative and disruptive solutions to reduce fraud. Click here to find out more.

Offloading Cyber Risk in the Cloud
As cyber attacks and data breaches are in the news on an increasingly regular basis - with regulatory penalties and customer trust on the line for financial services firms - it has never been more crucial to be compliant in the cloud.

This video, with Akamai’s EMEA director of security technology and strategy Richard Meeus, will help explain what your company can be doing to make sure it’s not embroiled in the next big fine or front-page scandal.