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 a purchase price of approximately $6.1 million.
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. Besides, thanks to the initiative, Quadpay’s digital-first instalment payment platform will be combined with machine learning and AI technology, resulting in an improved shopping experience for consumers and merchants.
Furthermore, 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.
Quadpay Co-CEO Brad Lindenberg, commented:
“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 personalized deals and offers to customers, a natural evolution for us.”
“Combining Quadpay’s digital-first installment payment platform with our cutting-edge machine learning and AI technology results in an unparalleled shopping experience for consumers and merchants,” said Doron Ostrin. “We’ll have the ability to help millions of retailers efficiently reach consumers’ exact needs, at the exact price point they seek.”
