Zip delivers record transaction volume at half-year

Zip Co have today released their half-year results for the period ending 31 December 2020, delivering record transaction volume.

Zip Managing Director and CEO Larry Diamond said, “Highlighted by the acquisition of US-based Quadpay, the December half was transformational and saw the Company position itself as a truly global BNPL leader with its footprint across 9 markets. As always, a massive shout out and thank you to the extremely hard working Zip team (Zipsters), and our extensive customer, retailer and shareholder communities.

“We saw record results across all key drivers with most metrics up 100% YoY and the Company now annualising over $7.5bn in transaction volume at December. The business has strong momentum entering H2 as it expands its business in the US and launches the UK.

“We genuinely believe the opportunity for Zip significantly grows each and every day as we continue to execute, build momentum, and accelerate the global shift away from the broken and unfriendly credit card, towards a better, fairer digital alternative.

“Even though we are 7 years in, global BNPL adoption remains in its infancy – there is approximately $22tn in total addressable market (TAM) volume with BNPL penetration of global ecommerce spend only 1.6%. We are well on our way to becoming the first payment choice, everywhere and every day,” Diamond finished.