Zip Co acquires SME lender Spotcap

Company News

by Rachael Jones

Zip Co (ASX:Z1P) has acquired the Australian and New Zealand businesses of global SME lending provider Spotcap.

This fast tracks the launch of its Zip Biz Buy Now Pay Later product.

This proven SME credit decisioning platform has been live in market since 2015 and originated over $200 million in credit lines on the platform.

The IP will be licensed perpetually from Spotcap Global, the Berlin-based FinTech that offers “lending as a service” decision systems around the world; and approximately $23 million in Australian SME receivables and 4 years of credit.

Shares in Zip Co (ASX:Z1P) are trading 6.43 per cent higher at $4.14.