Australian buy now, pay later (BNPL) firm Zip has continued its push for an expanded global presence with the purchase of South African BNPL Payflex.
Zip is a BNPL personal finance product that enables users to pay at their favourite retailers around the world. Over 5 million customers currently pay with Zip. The service is available online and in-store at over 37,000 retailers.
Founded in 2018, Payflex enables online shoppers to spread their payments over 6-weeks at no additional costs. To date, the company has over 650 Payflex stores. The company has grown from a base of 70 merchants in 2019 to over 1,000 today.
Zip – a firm that has a presence in twelve markets across five different continents – claims it plans to grow the South African business and expand into other untapped African markets with sizable underbanked, digitally savvy populations.
Zip managing director and CEO Larry Diamond said, “We started the year with a clear strategy for global expansion, and we have seen record growth, ending the year with $5,8b in total transaction volume, and more than 7.3M customers and 51k merchants around the world.”
Earlier this year, Zip expanded into the European and Middle Eastern markets after it acquired BNPL competitors Twisto and Spotii.
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