Zip, Australia’s largest “buy now, pay later company”, has acquired one its biggest rivals for A$491mn ($355mn), as it accelerates its push into the US to take on Jack Dorsey’s Square payments platform.
Zip, which competes with the likes of Afterpay and Klarna, will acquire Sezzle in an all-share deal that will give the combined business a customer base of 13mn.
The company will raise A$200mn though a discounted share placing to fund the deal, which is expected to help it expand its presence in the US by adding big retailers including Ikea and Target to its platform.
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