Quadpay Acquires AI-Powered Visual Fashion Search Engine Urge
Acquisition Reimagines the Buy Now Pay Later Shopping Experience for Consumers
NEW YORK–(BUSINESS WIRE)–Leading Buy Now Pay Later innovator Quadpay (ASX:Z1P) today announced it 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. Quadpay will integrate Urge’s technology onto its interest-free installment 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.
In addition, Quadpay’s network of thousands of merchant partners will gain the ability to offer targeted and more personalized 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,” said Quadpay Co-CEO Brad Lindenberg. “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.”
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.
“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.”
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.
Quadpay (ASX: Z1P) is a leading US-based installments platform, providing consumers with a simple, transparent, and financially responsible alternative to traditional credit. Quadpay is reinventing the payments landscape with its focus on innovation and customer-centricity, enabling millions of customers to pay in four interest-free installments over six weeks. The company’s market-leading app, enables seamless integration for merchants and the ability for customers to shop online and in-store interest-free, not just with Quadpay’s 7,200 integrated merchants but with leading global retailers. For more information, visit: www.quadpay.com.