Pic: Quadpay
Quadpay has acquired Sydney-based technology company, Urge Holdings, known for its fashion search engine The Urge as well as a ‘Shazam for fashion’ app known as Shnap, for approximately $6.1 million. Quadpay is an instalments platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit.
Quadpay will integrate Urge’s technology onto its interest-free instalment payment platform, giving Quadpay’s millions of customers the ability to shop apparel by taking a photo or screenshot and then automatically finding retailers for the purchase as well as price comparisons, according to a press release by Quadpay.
In addition, Quadpay’s network of thousands of merchant partners will gain the ability to offer targeted and more personalised promotions to consumers as a means of acquiring new business and driving increased sales.
“The Urge acquisition represents a significant milestone in our mission to create the most innovative and intuitive shopping experience so that our customers can shop for exactly what they need for the best price. As consumers continue to raise the bar of expectations for the digital shopping experience, this collaboration will also allow us to better curate personalised deals and offers to customers, a natural evolution for us,” Quadpay Co-CEO, Brad Lindenberg said.
Urge and Shnap were created by Sydney-based wife and husband team Cayley and Doron Ostrin. After struggling to find the right bridesmaid dress for her best friend’s wedding, they enlisted chief technology officer, Pierre Caserta, to develop technology that brought the world’s top fashion designers and trusted stores together in one place.
As a result of the acquisition, Urge Holdings co-founders will join Quadpay where they will work on product integrations and scaling their technology. Quadpay expects the new technology to be fully integrated later this year and will expand beyond the fashion industry.
“Combining Quadpay’s digital-first instalment payment platform with our cutting-edge machine learning and AI technology results in an unparalleled shopping experience for consumers and merchants. We’ll have the ability to help millions of retailers efficiently reach consumers’ exact needs, at the exact price point they seek,” Doron Ostrin said.
Fibre2Fashion News Desk (GK)
Quadpay has acquired Sydney-based technology company, Urge Holdings, known for its fashion search engine The Urge as well as a 'Shazam for fashion' app known as Shnap, for approximately $6.1 million. Quadpay is an instalments platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit.