Zip reaches Europe and the Middle East with Twisto, Spotii acquisition

By Nikita Chaurasia  | Date: 2021-05-24

Zip reaches Europe and the Middle East with Twisto, Spotii acquisition

Australian financial technology company, Zip Co. Ltd., recently announced that it has agreed to acquire the remaining shares in European BNPL (Buy Now Pay Later) provider Twisto Payments and leading UAE-based BNPL provider Spotii.

The core objective of the acquisition is to expand Zip’s footprint globally and seize the prevailing opportunities in the rapidly growing BNPL industry.

After Zip’s acquisition of QuadPay paved the way for a 200% rise in the number of transactions last year, the company now seems to be going on a well thought out acquisition spree to better reap the benefits of skill diversification and synergy.

Spotii and Twisto have now been integrated into the company’s global Single Merchant Interface (SMI), that equips users with instant access to 11 countries across five continents.

Founder and Chief Executive Officer at Twisto, Michal Smida, reportedly said that Twisto is looking forward to working with Zip and exploring new opportunities in Europe’s USD 1.1 trillion e-commerce industry.

He further stated that Twisto is now perfectly positioned to seize the opportunity in the BNPL industry, as the global trend shifts away from the world of credit cards. Being part of Zip’s global platform will enable Twisto to expand to new markets, accelerate growth, and broaden its product offerings.

On the other hand, the Spotii acquisition has installed Zip as a leading BNPL player in the Middle East, with Spotii planning to expand its operations further from the existing areas in KSA, and the UAE. Besides, Spotii has consistently recorded 90%+ volume growth on a monthly basis since its inception, cited knowledgeable sources.

Co-Founder and CEO at Spotii, Anuscha Iqbal, was quoted saying that the substantial growth in transaction volumes since the company’s inception in 2020 highlights the demand for BNPL solutions in the MENA region. Joining forces with Zip will enable Spotii to accelerate its growth trajectory by tapping into the company’s advanced skillsets and technology.

Ultimately, these strategic acquisitions will enable Zip to respond to cope with the increasing demand from merchants for a single global BNPL solution while ensuring consistent quality of service globally.

Source Link –

https://www.businesswire.com/news/home/20210523005030/en/Zip-Expands-into-Europe-and-the-Middle-East-with-the-Acquisitions-of-European-BNPL-Provider-Twisto-and-UAE-based-Spotii

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Pacific Island pushes Japan to delay wastewater release from Fukushima

Pacific Island pushes Japan to delay wastewater release from Fukushima

By Nikita Chaurasia

Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...

Activist groups take Danone to court over excessive use of plastics

Activist groups take Danone to court over excessive use of plastics

By Nikita Chaurasia

Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...

Bosch expands security with dashcams designed for rideshare drivers

Bosch expands security with dashcams designed for rideshare drivers

By Nikita Chaurasia

Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...

Australia: PM Albanese denies potential $450M payout to Rio Tinto

Australia: PM Albanese denies potential $450M payout to Rio Tinto

By Nikita Chaurasia

Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...

UK: Firms still struggle with post-Brexit trading and red tape

UK: Firms still struggle with post-Brexit trading and red tape

By Nikita Chaurasia

Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...