Zip Co completes acquisition of QuadPay
The QuadPay acquisition delivers over US$70 million in monthly transaction volume and over 2 million customers to Zip.
Digital retail finance and payments services provider Zip Co Ltd (ASX:Z1P) today announced the completion of the acquisition of Quadpay.
The deal, which was originally announced in June 2020, delivers over US$70 million in monthly transaction volume and over 2 million customers to Zip, with further growth expected as interest-free instalments transform the way people pay in the US.
Under the terms of the QuadPay acquisition, Zip has:
- issued 118,776,189 fully paid ordinary shares to the QuadPay stockholders as the ‘Merger Consideration Shares’; and
- granted 10,480,369 options to subscribe for new fully paid ordinary shares in the company to existing employees and other option holders in QuadPay.
There have been a number of recent achievements of the QuadPay team, including the launch of partnerships with Fiserv and MasterCard Vyze as well as leading retailers such as Fanatics and Mercari.
Completion of the QuadPay acquisition follows shareholder approval which was obtained at the Extraordinary General Meeting of the Company held on August 31, 2020.