Zip completes acquisition of Twisto as part of its European expansion strategy
Zip Co have announced that it has completed the acquisition of European payment app Twisto Payments.
Following shareholder approval at Zip’s AGM in November 2021, Zip has completed the acquisition of the remaining shares of the BNPL provider, Twisto.
The acquisition provides Zip with a gateway to one of the world’s largest eCommerce markets and access to all 27 member states of the European Union.
Founded in 2013, Twisto has served almost one million customers, across 22,000 merchants and is a leading BNPL platform in Central Europe. Twisto has developed a unique omnichannel payments platform, giving customers full control and the freedom to pay
for their everyday purchases over short and longer-term installments. Some of Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.
Zip Co-Founder and Chief Executive Officer Larry Diamond said, “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. We are excited to officially add the EU to our global footprint and look forward to working with Michal and the team to continue to develop innovative BNPL solutions for the financial well-being of customers and merchants.”
Michal Smida, Twisto’s Founder and CEO, said, “We’re super excited to join the global Zip team to accelerate our strategic expansion plans across 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.”
The upfront purchase price paid by Zip for the Twisto acquisition is approximately A$116 million.