Fintech Zip has hit cash flow break-even, its shares slip

Australian fintech Zip — the owner of the zipPay, zipMoney and Pocketbook brands — has hit cash flow break even right on target.

In a business update, digital retail finance and payments player says revenue for the fourth quarter was $13.2 million, up 136% on the same three months last year.

And Zip hit positive underlying cash from operating activities, after bad debt write-offs, of $700,000.

However, Zip’s share price fell up to 3% in early trade. At the close, the shares were down 1% to $1.00.

ZipMoney operates a “buy now, pay later, no interest” service and uses artificial intelligence and big data technologies to drive a credit and fraud decision engine.

Managing Director and CEO Larry Diamond says the company now has more than 1.2 million consumers and has processed more than $850 million in transactions on the Zip payments platform.

Source: Fintech Zip has hit cash flow break-even, its shares slip | Business Insider