Quadpay, the buy now, pay later (BNPL) platform provider, released results from its “Quadpay Fest,” which was held April 29 to May 2, and said overall transaction volume jumped 20% during the four-day period as compared to the same period in the prior month.
The release of the four-day promotion comes as Quadpay’s parent, Zip Co. Ltd., makes further investments into the BNPL space to extend its global reach. Zip Co. said it agreed to acquire the remaining shares of European BNPL provider Twisto Payments and noted that it has also entered into an agreement to acquire the remaining shares of UAE-based BNPL provider Spotii Holdings Ltd.
With Quadpay’s promotional event, the company said the bulk of the traffic to its brand partners was led by “net-new shoppers,” which soared 40% compared to the same period in the prior month. Quadpay said the gain made by first-time shoppers on the platform rivaled new customer conversions seen on Black Friday.
Looking at how they shopped, Quadpay said in a statement that nearly 60% of purchases were done on mobile devices using the BNPL company’s app. “During the sales event, consumers were also able to take advantage of Quadpay’s Webby-nominated Chrome Extension, which gives online shoppers the same convenience on desktop with their favorite merchant websites not offered by any other BNPL provider,” the company said. “Categories with the most purchases during Quadpay Fest included fashion, beauty, technology, home, kids, groceries, food delivery, travel, footwear and jewelry.”
In footwear, Quadpay partner brands include Nike, Puma, Adidas, Reebok, New Balance, Cole Haan, Sam Edelman, Vans, Jimmy Choo, Nine West, Dr. Martens, Keen and Crocs, among many others.
Brad Lindenberg, co-CEO of Quadpay, said results from the fest “exceeded our expectations and we are thrilled to support our merchant partners with added referrals and revenue as they continue to rebound from the pandemic.”
“This past year has accelerated BNPL adoption among consumers and continues to skyrocket,” Lindenberg said. “With Quadpay, we provide merchants the opportunity to offer customers a seamless BNPL experience, and Quadpay Fest was a great way to attract new customers, drive revenue and increase overall order value both online and in physical store locations.”
Regarding Zip Co.’s investments, the company said in a statement that the transactions align with its “global expansion plans and the rapidly accelerating global BNPL opportunity.”
“As demonstrated through the acquisition of Quadpay, where annual transactions have soared by over 200% post-acquisition, Zip is building its playbook in successfully identifying, completing and integrating strategic acquisitions,” the company said. “Twisto and Spotii are now well-positioned to leverage the benefits of this competency and the synergies of a truly global payments organization. Twisto and Spotii are integrated into Zip’s global Single Merchant Interface (SMI), which provides merchants instant access to 11 countries across five continents.”