Zip to zoom globally after $120m raise

A $120 million placement will fund buy-now pay-later player Zip Co’s (ASX: Z1P) international expansion plans whilst driving product expansion in Australia.

Zip’s oversubscribed placement was completed today with the support of new and existing institutional investors and fully underwritten by Merrill Lynch Equities.

The issue price for the placement shares was $5.34 per share, representing a 4.1 per cent discount to the last traded price of Zip shares on 16 December.

“We are grateful for the support of existing shareholders that participated in the raise, as well as new long-term shareholders that joined our register, supporting our objective of making Zip the first payment choice everywhere and every day,” Zip CEO and managing director Larry Diamond (pictured) said.

“The additional growth capital will enable Zip to capitalise on the successful acquisition of QuadPay in the US, scale Zip’s operations in the UK, and lead the active pursuit of global growth opportunities and support the launch of Zip Business.”

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Source: Zip to zoom globally after $120m raise