ZipMoney lands largest debt facility in Australian fintech history with $260 million led by NAB
Sydney company ZipMoney has secured a $260 million debt facility led by the National Australia Bank, in what the startup claims is the largest such deal in Australian fintech history. ZipMoney announced to the ASX on Wednesday that the facility would consist of $200 million from NAB, $40 million through two-year bonds issued through FIIG Securities, and $20 million in junior notes and equity. An “immediate refinance of $70 million of existing receivables” will take place using the NAB facility, resulting in an instant reduction in interest for the business. The startup operates a “buy now, pay later, with no interest” service — integrating into online retail stores to reach […]
zipMoney and Shopify announce strategic partnership
zipMoney Limited is pleased to announce a strategic partnership with Shopify, one of the world’s leading and most recognised ecommerce platforms with over 377,500 businesses globally. Zip has a strong focus on Australian Small Business, where there are 2.5 million businesses seeking to sell goods and services both online and instore. With a simple setup and subscription-based model, Shopify has strongly supported the transition of this community to the digital world. The partnership will further accelerate the growth of Zip’s digital wallet solution, zipPay, online and instore. Zip already process payments for hundreds of Shopify merchants and this strategic partnership will help to accelerate the acceptance of Zip at the […]
eWAY, Australia’s largest payments platform, partners with zipPay
zipMoney Limited announces an Australia-first strategic partnership with eWAY, part of US giant Global Payments. eWAY is Australia’s largest online payment gateway and processes more than 25 percent of all eRetail payments. The partnership will see the roll out of the zipPay and zipMoney ‘buy now, pay later’ digital wallets as core offerings for tens of thousands of online retailers in Australia and millions of Australian shoppers. “The two leading names in the Australian online payments and digital wallet space are joining forces to help merchants sell more and sell better,” said Mark Healy COO at eWAY. “eWAY helped pioneer online payments in Australia and remains at the forefront of […]
zipMoney to partner with a Big 4 Australian Bank in a $200m financing arrangement
zipMoney Limited is pleased to announce that it has agreed key terms with a ‘Big 4’ Australian bank for the provision of a $200 million asset-backed securitisation warehouse program for its consumer receivables. CEO and Managing Director Larry Diamond said: “This is a transformative step forward for the Company. As well as creating capacity to fund the growing demand for our services, it will approximately halve the weighted average cost of capital of our loan book, which directly contributes to our bottom line. We are very pleased to be partnering with this ‘Big 4’ Australian bank and look forward to releasing further details in due course.” COO and Executive Director […]
Luxury Escapes books its dream holiday with zipMoney
Partnership between leading Australian travel retailer and digital payments platform enables Australians the option to travel now and pay later. Luxury Escapes announced it had become the largest Australian travel retailer to partner with ASX-listed zipMoney Limited (ASX: ZML) and is now offering Australians the option to travel now and pay later. Luxury Escapes General Manager, Blake Hutchison, said the agreement with zipMoney meant Luxury Escapes’ million-plus members now have the flexibility to book their holiday today and pay over time in interest-free instalments. “Luxury Escapes is delighted to partner with zipMoney to simplify our members’ online travel booking experience,” Mr Hutchison said. “We want every […]
Afterpay and zipMoney: New instalment of old idea gains momentum
Fellow veterans of the “brown paper and string” era may recall lay-by, the instalment schemes offered by retailers before those plastic works of the devil called bank cards came along. At the risk of going all Bernard Salt on readers, the smashed avocado generation would be aghast to learn that customers of yore were required to put down a deposit on the item, but did not receive the goods until they paid the agreed instalments. What’s old is new again, and now lay-by is being reverse-engineered in the guise of point-of-sale retail intermediaries that finance “no-interest” payment instalment schemes. The key difference is they are “buy now, pay later” schemes […]
ASX-Listed Australian FinTech company zipMoney – Full Year Results
zipMoney are pleased to announce today their FY16 Annual Results, the first set of accounts as an ASX-listed Company. Some of the key highlights: Transaction volume of $51.5 million, up 962% Loan book (receivables) of $40.7 million, up 1,296% Company revenues of $4.3 million, up 976% More than 50,000 customers and 2,000 merchants Omni-channel strategy delivering volume growth Bad debts of 1.1%, below industry standards FY16 saw a number of very pleasing achievements for the Company. This included strong growth in transaction volume, with more than $50 million processed on the zipMoney payments platform. This was supported by close to 2,000 merchants across their target sectors and a number of […]
zipMoney – User Experience
We here at Australian FinTech are mad mountain bike riders. So when one of us – me – decided it was time to buy a new bike, this time a road bike, I thought that instead of just walking in and paying cash or dumping it yet again on the credit card, why not utilise an Australian FinTech company to assist with the purchase, interest-free. And here are the reasons: We here at Australian FinTech wanted to see how these FinTech companies work, how easy it is and how they perform; how much effort it is to apply and get interest-free credit; how ingenious the technology is; we wanted to […]
