Global buy now, pay later (BNPL) company Zip Co Limited has finalized its 89 million euro acquisition deal for BNPL firm Twisto Payments, a move that gives Zip access to to all 27 member states of the European Union (EU).
“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,” Zip Co-Founder and Chief Executive Officer Larry Diamond said in a press release on Monday (Nov. 15).
See also: Zip Co Snaps Up BNPL Firms Twisto Payments And Spotii Holdings
Founded in 2013 and headquartered in Prague, Twisto has served close to 1 million customers and 22,000 merchants — including KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeway, Yves Rocher and Under Armour. Twisto is among the leading BNPL firms in Central Europe, per the release.
The company’s omnichannel payments platform enables customers to control how and when they pay for purchases using installment options. Twisto’s European Payment Institution License gives Zip inroads to all of the European Union, which is the second-largest eCommerce market in the world.
In the EU, BNPL transactions increased 292% between 2018 and 2020, according to data from Kaleido Intelligence.
Read more: Zip Expands BNPL Offering With Physical Zip Card
Twisto Founder and CEO Michal Smida said joining the Zip team speeds its “strategic expansion plans” to have a larger presence in Europe.
“Combining our omnichannel product offering, proprietary technology for real-time credit underwriting, access to Zip’s network of global merchants, backed by a strong capital base, we are at full strength to capture the market opportunities ahead,” Smida said.
The acquisition aligns with Zip’s global BNPL integration strategy and gives Twisto the ability to tap Zip’s international network across 13 countries. Zip aims to bring fair, transparent and flexible payments to people worldwide.
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