Zip Co propels higher on US takeover target update
A proposed US acquisition that put a rocket under Zip Co (ASX: Z1P) shares in June is once again lifting investor sentiment for the buy-now-pay-later (BNPL) group, whose price rose 13.05 per cent (yesterday) to $7.45.
With shareholders set to vote on the acquisition of QuadPay on 31 August, Zip Co announced encouraging indicators from its intended US partner.
Quadpay’s revenue grew 30 per cent to hit record levels of US$70 million in July and in August its client base surpassed two million, up from 1.5 million at the end of March.
The company has teamed up with several Internet Retail 100 merchants including Fanatics and Mercari (TYO:4385), representing combined online volume of over US$3 billion. These partnerships are set to go live in time for the Q4 holiday period in the US.
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