Buy Now Pay Later Zip says it will hit profitability during the 2024 financial year, after its March quarter results saw a 16 per cent revenue lift.
Zip also saw a 11 per cent lift in transaction volumes for the period, compared to the same quarter a year prior.
Revenue margin jumped to 8.3 per cent, up from 7.1 per cent.
Net bad debts in Australia rose slightly, to 2.6 per cent of total transaction volumes.
Last year, Zip exited the UK and Singapore market, and started “deprioritising” its cryptocurrency offering.
This new leaner operation is reporting “solid momentum” on what its still a loss-making US business, and will exit the 2023 calendar year as cash positive on a sustainable basis.
