Zip exceeds expectations in final quarter
The last quarter of FY19 was a success for buy-now pay-later group Zip Co (ASX: Z1P).
The group claims it has smashed its targets set at the beginning of FY19, with transaction volumes up 108 per cent year-on-year to $1.1 billion and revenue up 17 per cent quarter-on-quarter to $27 million.
Zip now has 1.3 million customers using the payment platform, up 80 per cent.
“We finished FY19 with a strong end of financial year, having achieved all financial targets set at the beginning of the year,” says Zip CEO Larry Diamond.
“As a credit card disruptor, we continue to see large numbers of customers adopt the Zip interest free digital wallet as we strive to be the first payment choice everywhere and every day.”
During the quarter the Zip app achieved a top 10 ranking across both the Apple (#7) and Google (#7) app stores.
The company achieved significant milestones with retailers too, signing the Just Group which holds popular brands Smiggle, Peter Alexander, Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti.
Kmart, Bing Lee and Freedom also joined the platform during the quarter. At the end of FY19 there are over 36,000 points of presence where customers can check out with Zip at over 16,200 merchants.
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