Afterpay rival Zip narrows losses
Zip’s first-half net loss has narrowed as it more than doubled its turnover.
On Thursday, the buy now, pay later provider posted a net loss of $6.8 million for the six months ended December 31, 2018, compared with a $14.6 million loss in the year earlier period.
Its revenue was up 114 per cent to $34.2 million from $16.0 million turnover in the year earlier period.
Zip said it now has over 1 million customer accounts and over 12,600 merchants.
In the last six months Zip signed a number of major retailers to its platform, it said, including Bunnings, Target, Officeworks, Appliances Online and the Super Retail Group.
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