Zip completes acquisition of Czech BNPL firm Twisto

Australian buy now, pay later (BNPL) firm Zip has completed its acquisition of Twisto as part of a wider global expansion strategy.

Czech-based Twisto claims almost one million customers

The acquisition, which began in May with the purchase of the remaining shares in Twisto, will grant Zip access to all 27 European Union (EU) member states.

Twisto’s European Payment Institution License will mean Zip can offer payments services across the entirety of the EU market.

Zip co-founder and CEO Larry Diamond says: “The acquisition of Twisto demonstrates our commitment to global growth and follows our ‘Coalition of Founders’ model, where we back strong leaders with a shared vision and deep cultural alignment.

“Our increased presence in Europe enables us to tap new markets, win global merchants, and bolster our product offering.”

Zip first invested in Twisto in December 2020. The acquisition will provide the Czech BNPL firm access to the finance and global network it says is needed to accelerate its growth.

The move is yet another in a string of acquisitions by Zip as it moves to cement itself as a global BNPL player.

In September, Zip acquired a minority stake in Indian firm ZestMoney through a $50 million investment.

Zip also negotiated terms to increase it’s shareholding over time, with a board seat included as part of the investment.

A year prior, Zip completed an AUD 403 million ($296 million) acquisition of US competitor QuadPay.

Founded in 2013, Twisto claims almost one million customers across 22,000 merchants.

Source: https://www.fintechfutures.com/2021/11/zip-completes-acquisition-of-czech-bnpl-firm-twisto/