Zip Co revenue soars as new partners come on-line

Shares in BNPL (buy now pay later) company Zip Co (ASX: Z1P) have surged higher today after the Sydney-based group reported a 20 per cent lift in revenue for the third quarter.

Sentiment is also strong for the market darling with new partners like Chemist Warehouse, General Pants and Lorna Jane joining the platform, and the official launch of Zip in New Zealand during the quarter.

Z1P’s share price is now worth almost 2.5 times what it was at the start of the year, and its 6 per cent rally this morning was accompanied by rises for its peers Afterpay (ASX: APT) at 4 per cent and Splitit (ASX: SPT) at 23 per cent.

“We are pleased to report another record quarter with revenue of $23.0m, and strong growth in receivables, in what is traditionally the weakest seasonal quarter in retail sales and transaction volumes,” says Zip CEO Larry Diamond.

“Although transaction volume fell 8%, total transaction numbers were flat over the quarter as our focus on driving monthly active usage generated positive results.

“We continued to sign well-known enterprise clients to the platform Chemist Warehouse being the standout.”

Diamond highlights the company successfully raised around $57 million in equity in the quarter to accelerate growth and capitalise on the large market opportunity in the BNPL and credit card sectors.

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Source: Zip Co revenue soars as new partners come on-line