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Zip enters India with $50 million investment in ZestMoney

Zip enters India with $50 million investment in ZestMoney

Australian buy now, pay later platform Zip has invested $50 million in Indian BNPL firm ZestMoney, amid predictions that the subcontinent will emerge as the largest market in the world for credit-on-tap over the next five years.

Founded in 2015 by Lizzie Chapman, Priya Sharma and Ashish Anantharaman, ZestMoney is one of the largest and fastest growing BNPL platforms in India with 11 million registered users having signed up, over 10,000 online merchants on the platform and with a point of presence in over 75,000 physical stores.

The Australian vendor, which has negotiated terms to increase it’s shareholding, over time will take a seat on the ZestPay board. The investment by Zip is part of a larger $100 million Series C funding round for the Indian firm.

Lizzie Chapman, ZestMoney’s co-founder and CEO, says: “The shift towards Pay Later solutions is a global phenomenon and represents young digital consumers looking for transparency, honesty and no hidden charges in financial products. We believe India will leapfrog traditional products like credit cards, along with many other emerging markets, going straight to digital payment solutions. We strongly believe India will emerge as the largest BNPL market in the world over the next 5 years.”

ZestMoney ads to a growing portfolio of investments by Zip. Earlier this month Zip acquired South African BNPL Payflex as part of its global expansion plans. This followed the May acquisitions of European BNPL provider Twisto and UAE-based startup Spotii, giving the Australian vendor an on-the-ground presence in Europe and the Middle East.

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