Zip pushes into EU and Middle East with acquisitions of Twisto and Spotii
ASX-listed buy now, pay later firm Zip is expanding into Europe and the Middle East, with the acquisitions of European BNPL provider Twisto and UAE-based startup Spotii
Connected to Mastercard, Twisto uses an inhouse developed scoring engine to enable qualified customers to pay for their online purchases with just one click, deal with bills and invoices by taking a photo of them within the app and pay just about anywhere else with the card or an NFC payment bracelet.
Launched in 2013, the firm has attracted 1.6 million customers in the Czech Republic and Poland. Importantly for Zip, it also holds a European Payment Institution license, enabling the provision of payments services across all EU member states.
Twisto founder and CEO Michal Smida comments: “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 e-commerce market.”
With Europe in the bag, Zip has trained its sights on the Middle East, acquiring the remaining shares in one-year old startup Spotii for $16 million, following an earlier investment in December last year.
Founded in 2020 and operational in the UAE and KSA, Spotii has shown early traction with 650 merchants already integrated into the platform, including flagship regional brands such as Jashanmal and Danube Home. Total transaction volume has grown at an average of 90%+ month-on-month since inception.
Zip co-founder and CEO Larry Diamond says: “We have been working with Spotii since our initial investment in December 2020 to broaden our understanding of the BNPL opportunity in the region and have a number of exciting global merchants we are looking forward to activating in the coming months. We also believe there is a large untapped opportunity to bring BNPL to emerging markets where cash on delivery remains a significant merchant challenge, and where the digitisation of retail accelerates.”