Aussie buy now, pay later company Zip Co is using Bitcoin to step out of the saturated BNPL market...and into financial services.
Background: Aussie buy now, pay later company Zip Co competes head on with the big A(fterpay). The company is worth $4 billion, and it's been growing pretty rapidly.
What happened: It's set to continue expanding as the US BNPL market grows, but there are tonnes of players out there. And let's be honest, Square's purchase of Afterpay would have Zip more scared than Kim K's Met Gala outfit (we all had nightmares).
What else: To stand out from the crowd, Zip's decided to add crypto trading to their toolkit. And, they'll allow merchants to accept bitcoin as a form of payment. This'll help Zip step out of the saturated BNPL market...and into financial services.
💡Market saturation is when the amount of products or services in a particular industry has hit its limit. Aka, there are too many chefs in the kitchen.
💡At the point of market saturation, a company can only achieve further growth by:
💡But one other way to do this is through product expansion, which kinda kills two birds with one stone. By adding bitcoin payments, Zip might be doing just that.
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