Zip said its investment was part of its plan to build a global BNPL business, with India as a market where ZestMoney already has over 11 million registered users and over 10,000 online merchants. Zip operates in 11 other markets including Canada, the UK and the US.
The fintech has been on an acquisition spree these last few months, snapping up Twisto Payments in Europe, UAE-based Spotii Holdings and Payflex in Africa. As part of this latest investment, Zip says it has negotiated terms to increase its shareholding in ZestMoney over time, hinting that a full acquisition could be on the horizon.
By 2025, ZestMoney expects Buy Now, Pay Later to have overtaken credit card payments in India, with between 80-100 million users in a BNPL market worth around USD 120 billion.
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