Australian FinTech company profile #32 – Zip Co Limited
- Company Name: Zip Co Limited
- Website: www.Zip.co
- Key Staff & Titles: Larry Diamond, Founder and CEO. Peter Gray, Founder and COO.
- 4. Location(s): Sydney
- In one sentence, what does your fintech do?:
Zip Co Limited is an alternative payment solutions and credit provider, allowing customers to purchase products and services and pay later, interest free.
- 6. How / why did you start your fintech company?:
Zip was founded six years ago in 2013, when we saw a large opportunity to disrupt the broken and unfair world of credit cards and retail finance. We wanted to provide a modern alternative and a great experience for both partners and consumers. By focusing on responsibility, transparency and flexibility for everyone, we are constantly evolving our offering to empower consumers to own their financial freedom.
- What’s the best thing your company has achieved or learnt along the way (this can include awards, capital raising etc)?:
From a financing perspective, Zip’s partnerships with Westpac ($48m Equity) and NAB ($260m Debt Facility) are reflections of the two largest investments in local Fintech to date and demonstrate a strong level of confidence in the Zip offering. Zip has also won awards demonstrating industry wide recognition of our high level of achievement such as the “Financial Services Growth Company of the Year” at the 2018 Australian Growth Company Awards.
In 2016, we acquired personal finance management tool, Pocketbook. The well-established, award-winning app empowers people to make the best financial decisions; fitting in nicely with our overall group strategy. Pocketbook recently took out the Excellence in Wealth Management award at the 2018 Finnies Awards.
- What’s some advice you’d give to an aspiring start-up?:
While product development is absolutely vital in the early start up stages, ensure you take the time to plan for the future. Focus on building the right internal communications and formulate a culture that can scale as smoothly (and as fast!) as possible.
Be clear on your ambitions and goals and surround yourself with people who are passionate, resilient and who get the job done.
Having the right people, procedures and technology in place will give you the best platform for hyper-growth!