Online payments technology provider Zip has agreed to fully acquire remaining shares of BNPL players Twisto and Spotii. The acquisitions are expected to close for $109 million and $16.3 million, respectively.
By purchasing Czech Republic-based Twisto and United Arab Emirates-based Spotii, Australia-based Zip will grow its global presence. Specifically, the deal enables Zip to extend its BNPL services into the Czech Republic and United Arab Emirates.
This follows Zip’s recent expansion into the U.S. and the U.K. that was made possible after it acquired QuadPay in September of last year for $269 million.
Founded in 2013, Twisto is more than just a BNPL technology provider. The company offers its accountholders one-click payment convenience for online purchases, a unique billpay experience by enabling users to pay by taking a photo of the paper bill, and a touchless in-person payments experience with a special payment bracelet. Additionally, Twisto provides a payment card that charges no interest until the following month and an app that makes it easy for users to track their monthly expenses.
“With Twisto’s existing operations in Central Europe, we are uniquely positioned to tackle the $1.1 trillion European eCommerce market,” said Twisto Founder and Chief Executive Officer Michal Smida. “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.”
Spotii is relatively new to the BNPL game, having been founded last year by Anuscha Iqbal and Ziyaad Ahmed. Despite this short tenure, the company has already seen impressive traction. Not only has Spotii integrated 650 merchants into its platform, it has also grown its total transaction volume at an average of 90%+ month-on-month since it was founded.
The Twisto and Spotii acquisitions are expected to be finalized in the fourth and third quarters of this year, respectively.
Photo by Tomas Sobek on Unsplash
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Source: https://finovate.com/zip-to-acquire-twisto-and-spotii/
