Boosting its growth into Europe, Zip has announced two agreements to acquire the remaining shares of European Buy Now Pay Later provider Twisto Payments a.s. and the remaining shares of UAE-based BNPL firm Spotii.
The deals underline Zip’s global expansion plans and the rapidly accelerating global BNPL opportunity, which has felt significant uptake following the pandemic.
In recent times, QuadPay’s annual transactions have elevated by over 200% post-acquisition, Zip is building its playbook in successfully identifying, completing, and integrating strategic acquisitions.
Twisto, Founder and Chief Executive Officer, Michal Smida, commented: “We’re excited to join the global Zip team to take advantage of the significant European opportunity and to continue to develop innovative BNPL solutions. There is a massive opportunity in Europe as BNPL follows the global trend with a shift away from the unfriendly world of credit cards.
“With Twisto’s existing operations in Central Europe, we are uniquely positioned to tackle the $1.1 trillion European eCommerce market. Being part of Zip’s global platform will allow us to accelerate growth, expand to new markets, win global merchants operating in Europe, leverage global partnerships already in place and broaden our product offering. We share the same ethos – striving relentlessly to deliver the best omnichannel payments experience to both customers and merchants.”
Twisto and Spotii are well-positioned to leverage the benefits of this competency and the synergies of a truly global payments organisation. Both firms are integrated into Zip’s global Single Merchant Interface (SMI), which provides merchants instant access to 11 countries across five continents.
Zip, Co-founder and Chief Executive Officer, Larry Diamond, added: “The acquisition of Twisto shows our commitment to global growth and follows our ‘Coalition of Founders’ model, where we back strong founders with a shared vision and deep cultural alignment in our quest for global payments coverage.
“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.”
Anuscha Ahmed, Spotii’s Co-Founder and CEO, concluded: “Since founding Spotii in early 2020, we’ve seen significant uptake of the platform by merchants and customers, highlighting the appetite and need for BNPL solutions in the MENA region. Joining forces with Zip – a global leader in the BNPL space – will enable us to drive further growth by tapping into the company’s advanced technology and expertise. For merchants, it means greater access to customers outside the MENA region, while BNPL customers in the regional markets will have greater access to international merchants. Ultimately, it highlights the Middle East as a growing region for eCommerce and BNPL offerings.”
