BNPL firm Zip extends acquisition spree, buys up Twisto and Spotii
Australian buy now, pay later (BNPL) firm Zip has continued its acquisitive streak by snapping up the remaining shares in Twisto Payments and UAE-based Spotii Holdings.
Zip says both transactions align with its global expansion plans and what it calls the “rapidly accelerating” global BNPL market.
The firm seeks to build a “single global BNPL solution across multiple markets” and has not wasted time in finding targets.
It first moved in September 2019 to acquire New Zealand technology platform PartPay in a $32 million deal.
Zip’s global CEO, Larry Diamond, said at the time Twisto had impressed with its “customer centricity, product depth, and team.”
The full acquisition, worth $89 million, gives Zip access to 27 European Union countries through Twisto’s payment institution licence.
“There is a massive opportunity in Europe as BNPL follows the global trend with a shift away from the unfriendly world of credit cards,” says Twitso CEO, Michal Smida.
“We’re excited to join the global Zip team to take advantage of [this] and continue to develop innovative solutions.”
Zip is also an existing investor in Spotii, but will now take on the remaining shares for $16 million. The BNPL firm says its deal gives it a foothold in the Middle East.
Spotii has onboarded 650 merchants onto its platform, and claims to have experienced 90% month-on-month growth since inception.
Anuscha Ahmed, Spotii co-founder and CEO, says its integration into the wider Zip brand enables “further growth” and gives its merchant customers “greater access” to markets outside the region.
Zip isn’t the only BNPL firm making acquisitions and raising funds. Rival Affirm completed a $300 million purchase of Returnly in late April, while San Francisco-based Resolve has raised $60 million, and New Zealand’s Laybuy nabbed $27 million.