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TransactionWatch – Week of August 30th – September 3rd

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The buy now, pay later (BNPL) market continues to heat up this week as several providers set their sights on global expansion. To start, the Australia-based BNPL provider Zip, formerly Quadpay, has acquired Payflex, a complementary BNPL provider based in South Africa. This acquisition enables Zip to expand their market reach into regions across Africa that were previously untapped. Zip aims to set a record year-end growth for the company as they estimate $5.8 billion in payment volume handled through their platform from a merchant base of over 50,000 worldwide. Separately, the BNPL provider Zilch seeks to expand into the U.S. market with their acquisition of NepFin (Neptune Financial) for an undisclosed sum. This acquisition is specifically intended for Zilch to enter the U.S. as it will allow them to set up a team in NepFin’s headquarters in San Francisco.

In other M&A news, Prosus has agreed to PayU’s acquisition of BillDesk for $4.7 billion. Both PayU and BillDesk are leading payment providers in India and neighboring countries. Following the transaction, the collective company will process approximately $147 billion in annual payment volume. This acquisition of BillDesk will ultimately quadruple PayU’s current transaction volume within the country of India and will allow them to accelerate their growth as digital payments continue to increase across the region.