Zip buys its way into Europe, Middle East

Buy now, pay later provider Zip is expanding to Europe and the Middle East after agreeing to buy two companies for a total of $160 million.

Zip will buy European firm Twisto Payments for $140 million and emerging payments provider Spotii of the Middle East for $20 million. Both are buy now, pay later providers.

The purchases, expected to be completed later this year, follow Zip’s entry into the US and UK.

Twisto has annual revenue of $12 million after being set up in 2013.

Businesses offering the service to customers include Delivery Hero, Pizza Hut and shoes provider New Balance.

Spotii was founded last year and has 650 businesses offering its service.

Zip did not provide annual revenue details but said the value of all purchases made using Spotii was growing by 90 per cent each month.

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