Zip sets two-year deadline to stake wider global claim
Zip Co co-founder Peter Gray (pictured left, with fellow Zip co-founder Larry Diamond) has flagged more offshore expansion, saying the buy now, pay later (BNPL) firm has two years to stake its claim in key markets as younger people ditch traditional credit.
Few sectors of the local market have captivated and divided investors quite like BNPL, as the sharemarket bounced back from last year’s lows, with Zip the second largest local player behind market darling Afterpay.
Particularly exciting for the bulls is the stampede by BNPL businesses — which offer interest-free instalment loans — into new markets overseas.
As well as its Australian and New Zealand operations, Zip has a rapidly-growing business in the United States, a presence in the United Kingdom, and last week bought operators in Europe and the Middle East.
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