Afterpay competitor…

A day after ASX (Sydney stock exchange) placed the securities of digital retail finance and payments services provider Zip Co Ltd (ASX:Z1P) in trading halt at the request of the company, Zip announces that it has entered into an agreement to acquire the remaining shares in the New York based “Buy Now, Pay Later” (BNPL) provider QuadPay Inc. for scrip consideration.

The deal is set to give Zip access to the world’s largest retail market – QuadPay is one of the leading BNPL platforms in the US, the world’s largest retail market during a time when interest-free instalments are transforming the way people pay.

Once the acquisition is completed, the combined group will have operations across the world in five countries (AU, NZ, US, UK and SA) with combined annualised TTV of AU$3 billion, annualised revenue of AU$250 million, 3.5 million customers and 26,200 merchants.