Consumer finance company Zip has acquired Urge Holdings, a company that has developed a search engine for shoppers.
Zip will pay $3 million upfront by way of a share issue to Urge shareholders and $5.5 million of deferred consideration over three and a half years, subject to performance hurdles.
Urge was launched in 2018, describing its business as “helping shoppers find and buy the items they’re looking for.”
Zip said it will integrate Urge’s “search functionality, optimisation and indexation” into its business operations, starting with its QuadPay subsidiary in the United States.
Zip’s aim is to drive sales to the retail partners using its consumer finance and buy now pay later products.