Zip closes down personal finance app Pocketbook

ASX-listed fintech Zip Co have closed the doors on personal finance app, Pocketbook.

Zip bought the personal finance app for a total of $7.5 million ($6 million upfront and another $1.5 million, depending on a set of milestones) back in September 2016.

In a company statement, Zip Co stated, “Zip’s operating environment has changed significantly in the last few months and as a result, we have adapted our strategy accordingly in order to accelerate our path to global profitability. With this in mind, Zip has decided to close the Pocketbook app in order to reprioritise resources and focus on delivering sustainable profitability in our core ANZ market.

“We have helped hundreds of thousands of Australians better view and manage their money over the past decade and we continue to have a passionate and active user base. We are focusing the team on bringing to life similar experiences in our Zip app over the coming year and improving our core product experience as per the direction we have given to the market

“By focusing our people and investment on our Zip Pay and Zip Money experience we can deliver more value to our customers and merchants and further differentiate from competitors.”