How ZipMoney has scaled
ZipMoney, an ASX-listed fintech that offers point-of-sale credit and digital payment services, is growing: In the company’s first half results it reported revenue of $6.7 million — up 722 per cent on the prior comparable period — and 120,000 customers — up 1100 per cent on 1H16.
The business has been able to meet the challenge of growth by keeping its team focused on Zip’s key differentiators in the market while integrating with a variety of scalable cloud services, according to its chief technology officer, Mike Greer.
ZipMoney allows an individual to make a purchase and pay for it later (its key service offers a three-month interest-free period and charges for setting up and maintaining an account with a non-zero balance at month’s end).
“It allows our customers to shop seamlessly and responsibly online and in-store,” Greer said. ZipMoney integrates into “all the major ecommerce platforms” as well as point-of-sales terminals — “anywhere we can make Zip available — anywhere our customers want to be able to purchase,” the CTO said.
The company was founded towards the end of 2013, with an angel investment round funding ZipMoney until its listing on the ASX in 2015. In August 2017, Westpac announced a $40 million equity investment in the company.
For the first 12 months or so of Zip, the company had half a dozen employees, Greer said.
“We were doing things on a shoestring at that time,” the CTO said. “Now we’re looking at probably just over a hundred full-time employees, and then we also have a bunch of part-time employees that do customer service and things like that.”
Close to a third of the full-time employees are part of Zip’s product and tech division.
As the company has scaled, Zip’s team has remained focused on its core IP, integrating with a range of services to plug the gaps in its operations.
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