zipMoney announces A$20.6 million in oversubscribed institutional placement

Highlights of the zipMoney placement:

  • zipMoney has completed an oversubscribed placement to institutional and sophisticated investors to raise A$20.6 million
  • Placement funds will provide loan book equity capital, fund the proposed acquisition of Pocketbook and provide expansion capital
  • Potential to approximately halve the weighted average cost of capital of zipMoney’s loan book
  • zipMoney has entered into a non-binding indicative term sheet to acquire Pocketbook for an upfront consideration of A$6.0 million
  • Pocketbook is one of the most popular apps in the personal finance sector, with over 200,000 users