Zip Co annual transaction volume tips over $10 billion mark

Australian buy-now pay-later (BNPL) giant Zip Co (ASX: Z1P) is now generating more than $10 billion in transactions annually based on its November trading update, which also saw the company deliver a record month.

According to its latest ASX update, Zip saw transaction volume of $906.5 million in November, up by 52 per cent – or $310.5 million – on the same month in 2020.

Based on its November results, transaction volume is now annualising at more than $10 billion from 9.2 million customers globally – up 71 per cent year on year.

The company’s BNPL product for businesses, Zip Business, also delivered record transaction volume of $15.2 million, up 44 per cent on October 2021.

Zip managing director and global CEO Larry Diamond said November was a strong month for the company, demonstrating the “tremendous growth” achieved in the space of a year.

“Zip now has one of the largest BNPL footprints geographically with the aim of servicing its global merchants and partners in a simple and easy format,” said Diamond, who is also the company’s co-founder.

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