Zip Shares Up 4% After Big W Deal
Buy-now-pay-later platform, Zip Co Limited, has signed up discount department store, Big W, just a few months after on-boarding rival retailer Kmart Australia.
Shares in Zip Co soared 4.14% to $3.40 just before midday, with Afterpay up 1.05% to $27.02.
Big W customers will gain access to Zip interest free payments, coinciding with the retailer’s broader turnaround after several loss-making periods.
The news intensities pressure on market leader and rival, Afterpay, with a slew of new entrants including Flexigroup’s humm.
“We believe Zip will be a great fit for Big W, providing their customers with a better way to pay for their everyday products and purchases,” claims Zip CEO & MD, Larry Diamond.
Zip is scheduled to go live with Big W within the first half of FY20.
It follows Zip’s partnership with hardware giant, Bunnings, as more Aussie retailers ramp up their interest free offers.
In late July, Flexigroup’s humm announced its partnership with several consumer electronics retailers including; Bing Lee, Betta Electrical, Retravision and Jaycar.
Humm reportedly boasts over 1.3 million local users, Zip over 1.5 million, and Afterpay over 4 million.