Australia’s BNPL firm Zip books all-time high revenue
08:59, 18 October 2021
Australia’s ‘buy now, pay later’ (BNPL) firm Zip booked an all-time high quarterly revenue in the three months ending September, thanks to a soaring number of transactions.
Between July and September, the company posted a revenue of AUD136.8m ($101.3m), an 89% jump compared to the corresponding period a year earlier, it announced today. Transaction volume doubled to AUD1.9bn, while transaction numbers surged 177% to 14.7 million.
Zip managing director and global CEO Larry Diamond said: “Another very strong set of numbers for Q1 as momentum for the global Zip business continues, with more than eight million users now on the platform.”
Shares in Zip rose as much as 2.3% intraday but ended 1.5% lower at AUD6.75 on the Australian bourse.
Since mid-August, the company has began rolling out its rebranding campaign across six countries. In the US, it currently operates under the Zip brand instead of Quadpay, the company it acquired in 2020.
The US market has fast becoming Zip’s main market, with US revenue amounted to AUD67.1m, topping its home market of Australia and New Zealand at AUD64.5m.
“The quarter saw the successful completion of the global rebrand, which now sees Zip unified under a single payments brand at checkout globally. In support of the rebrand, we are running a major brand campaign across the US to increase awareness and acquisition. I was excited see the Zip brand take centre stage in Times Square as we launched the campaign earlier this month,” said Diamond.
Last month, Zip invested $50m into India’s Zestmoney and acquired South Africa’s Payflex. The latest deals brought Zip’s operations to 13 countries with over 1,000 employees.
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