‘Ecommerce for expats’ startup Trusu acquired by Hong Kong logistics firm ZipX

Hong Kong-based ecommerce startup Trusu has been acquired by local logistics company ZipX.

Full financial details were not disclosed, though Trusu confirmed to Tech in Asia that the deal includes cash and equity in Zipx.

Trusu co-founders James Steinberg (L) and Osman Mendoza (R) / Photo credit: ZipX

Aimed particularly at Hong Kong’s large number of foreign expats, Trusu allows consumers in the Fragrant Harbor to order a range of household, leisure, and other products from US retailers. Users can search for goods by the name of the retailer that sells them in the US – for example, Amazon, Costco, or Walmart.

The service then automatically prices products in the buyer’s local currency, inclusive of all shipping and duty costs. Customers can pay using their local credit cards via its website.

Prior to the acquisition, ZipX’s main business was in international package forwarding. By integrating Trusu, its customers will be able to instantly purchase products from overseas retailers through its platform.

Trusu will rebrand as ZipX in most of the markets where ZipX is present, with a few exceptions due to local licensing (for example, ZipX’s Japan partner is Japan Post, and it’s branded as a Japan Post product there.)

The startup’s co-founders Osman Mendoza and James Steinberg will stay on as directors with ZipX.

Mendoza told Tech in Asia that the resources of ZipX and its parent company will allow the business to expand globally.

“We both offered consumers a way to access products from abroad – but Trusu approached it with tech, giving customers more of an ecommerce experience,” he said. “The combination of Trusu’s technology and the Zipx global network will enhance the consumer’s experience by adding additional countries to the platform.”

Mendoza said that Trusu was in the middle of fundraising when he and Steinberg were approached by ZipX chairman Morty Langslow about an potential investment. “She then suggested an acquisition instead given ZipX’s obvious synergy with Trusu’s mission,” he added.

Zipx will begin rolling out Trusu’s tech in mainland China, Indonesia, Japan, Singapore, Sri Lanka, and Taiwan in the coming weeks. It will also add retailers from Canada and European countries as purchasing options for homesick migrants.