Zip Soars On Record BNPL Q3 Revenue Growth
Shares in Australian buy-now-pay-later (BNPL) company Zip have soared more than 11pc, buoyed by the company’s record revenue, transaction volumes and customer growth in the third quarter.
Adding to the cheer was its unveiling of plans to expand into Canada and South-East Asia.
The strong performance was driven by it US division Quadpay, where customers, volumes and revenue grew in triple digits.
Zip, which has been beefing up its international presence to better compete, picked up a strategic stake in Philippine company TendoPay and made a soft launch in Canada during the quarter.
In December, Zip raised A$150 million in capital to fund its expansion in the USA and UK, and pick up stakes in companies in the Middle East and eastern Europe.