Zip Co Limited has announced deals to acquire the remaining shares of buy now, pay later (BNPL) companies Twisto Payments and Spotii Holdings, according to a press release. The deal puts a combined valuation of the two companies at $180 million Australian.
“With Twisto’s existing operations in central Europe, we are uniquely positioned to tackle the $1.1 trillion European eCommerce market,” said Michal Smida, Twisto founder and CEO. “Being part of Zip’s global platform will allow us to accelerate growth.”
Zip will purchase the rest of Twisto that it does not already own for about $140 million in Australian dollars. The completion of the acquisition is expected to take place in the fourth quarter of this year.
The other deal has Zip purchasing the remaining shares in Spotii that its does not already own for $16 million in U.S. dollars. This values Spotii at $20 million U.S. dollars.
“The acquisition of Twisto shows our commitment to global growth ,” said Larry Diamond, co-founder and CEO of Zip. In addition, he said, “the Spotii acquisition is an important step in Zip’s global expansion and international strategy, with eCommerce in the Middle East on a significant upward trajectory.”
Anuscha Iqbal, co-founder and CEO of UAE-based Spotii, said the agreement with Zip “highlights the Middle East as a growing region for eCommerce and BNPL offerings.” She said that, “since founding Spotii in early 2020, we’ve seen significant uptake of the platform by merchants and customers.”
In early March, the Australia-based Zip Co. said was named a Big Commerce Elite Partner, offering Zip’s BNPL installment payment services to a global network of more than 60,000 merchants
Operating in Australia, New Zealand, South Africa, the U.K. and the U.S., Zip provides point-of-sale credit and digital payment services to 5.7 million users in industries that include travel, retail and automotive. The company expanded into the United States last year with its acquisition of rival QuadPay, creating a $1 billion BNPL business.