Formerly | ZipMoney Limited [1] |
---|---|
Type | Public limited company |
| |
Industry | Fintech, consumer finance, e-commerce |
Founded | 2013 |
Headquarters | Sydney and New York City |
Area served | Australia, New Zealand, United States |
Key people |
|
Products | Zip Pay, Zip Money, Zip Business Capital |
Website | zip |
Zip Co Limited (abbreviated as Zip Co) is a global 'buy now pay later' financial technology company [2] [3] with operations in Australia, New Zealand and the USA. According to their FY22 financial scorecard, across the group they had 12 million total customer account, a transaction volume of $8.7 billion AUD, revenue of $620 million AUD, and cash gross profit of $203.7 million. As of 21 December 2022, the market capitalization of Zip was $431 million AUD. [4]
The company was founded by Larry Diamond and Peter Gray in 2013 as Zip Money, and offered a digital credit option to customers. [5] The organisation soon launched a second product, Zip Pay, to cater for everyday purchases, including retail and health. In 2015, Zip was listed on the Australian Securities Exchange as zipMoney Limited (ASX: ZML). [6] [7] [8] In 2016, Zip acquired Pocketbook, one of the most popular finance apps in Australia. [9] In 2017, Zip secured a $260 million debt facility with $200 million in funding from National Australia Bank, and a $40 million equity investment from Westpac Bank. [8] Zip was also ranked #7 on Deloitte’s Technology Fast 500 APAC. [10] In December 2017, the company changed its name from ‘ZipMoney Limited’ to ‘Zip Co Limited’, Zip Pay now known simply as Zip and in January 2018, the ASX ticker code was changed from ‘ZML’ to ‘Z1P’. [11]
In August 2018, the Zip app was launched in the Google Play Store and then the Apple App Store later that year.
In August 2019, Zip Co acquired 100% of the shares in PartPay Limited, a Buy Now, Pay Later company from New Zealand with early operations in the UK. [12] The acquisition accelerated Zip’s global expansion.
In September 2019, Zip Co acquired SpotCap ANZ to enter the unsecured business lending market. [13]
In December 2019, Zip Co announced that it has received firm commitments to raise $60 million before costs via a placement of 16,216,216 ordinary shares to fund its global expansion. [14]
In June 2020, Zip Co bought the remaining shares in New York-based "buy now, pay later" company Quadpay Inc for $430 million as part of its efforts to expand globally. [15] 14% interest in Quadpay was already owned by Zip which it bought as part of its deal with New Zealand-based PartPay for $84 million in August 2019. [15] [16]
As of March 2021, Zip operates in the United States, the United Kingdom, Australia and New Zealand. They are also minority shareholders in Payflex in South Africa and Twisto in the Czech Republic. [17]
In October 2021, Zip Co acquired Middle Eastern buy now pay later platform Spotii. [18]
In November 2021, Zip Co acquired European buy now pay later platform Twisto. [19]
In April 2022, Zip changed their ASX ticker code from 'Z1P' to 'ZIP' [20]
In July 2022, Zip Co ceased operations in Singapore. [21]
In October 2022, Zip Co began a wind down from the United Kingdom and ceased operations.
The Zip digital wallet has two types of interest free accounts, Zip Pay and Zip Money. These accounts can be used with retail partners online and instore anywhere Zip is accepted.
Zip Pay is a digital wallet that allows customers to purchase immediately and pay later, both in-store and online.
It provides an interest-free service until the end of each month leaving a $7.95 fee if the amount isn't paid by the due date. Accounts are available from $250 up to $1,500. [22]
At the beginning of each month, customers are sent a summary (called a "statement") of what they have spent and what they have paid for the month. They are then given the opportunity to pay it off in full or pay it off for a minimum of $40 a month. Those with a $1500 account have to pay a minimum of $80 a month.
Zip Money is also a digital wallet allowing customers to purchase immediately and pay later, both in store and online. It provides 6 months interest free service, providing a reusable amount of up to $30,000. [23] [24]
Zip Business Capital is an unsecured lending product offering up to $500,000 to small and medium businesses.
As Zip has evolved as a business it has periodically retired products from its offering.
Zip was the owner and developer of freeware app Pocketbook, which was one of Australia’s largest non-bank financial apps. [25] Pocketbook was a freeware budget planner and personal finance app launched in 2012 and acquired by Zip in 2016. [26] [27] Users could set up and manage budgets, track spending and manage bills with the app. [28] Pocketbook was the first personal finance app in Australia to offer users the ability to manage their money through linking their bank accounts. [29] In 2016, Pocketbook claimed to support over 250,000 Australians. [30] In January 2018, that number was 435,000. [31] Zip announced the closure of Pocketbook in July 2022 and the app closed the following month. [32]
Zip Business Trade and Zip Business Trade Plus were accounts specifically aimed at small and medium businesses. They offered similar features to Zip Pay and Zip Money, with interest free periods and higher credit limits. As of 5 July 2022 these products were no longer offered to new customers, and as of 31 August 2022, existing accounts could no transact with these accounts. [33] Customers were advised to switch to Zip Pay and Zip Money accounts instead.
Sigma Healthcare Limited is an Australian, ASX-listed company with a focus on the pharmacy industry. The company has pharmacy operations in retail, wholesale and distribution. From its head office in Clayton, Victoria, Sigma manages over 1,200 branded and independent pharmacies. Sigma Healthcare owns Australian retail pharmacy brands: Amcal, Discount Drug Stores and Guardian Pharmacy. The company also has a presence in the hospital pharmacy services, contract logistics, dose administration aids and other healthcare service adjacencies.
Tyro Payments Limited (Tyro) is an Australian financial "fintech" institution (neobank) specialising in merchant credit, debit and EFTPOS acquiring.
Xero is a New Zealand–based technology company that provides cloud-based accounting software for small and medium-sized businesses. The company has offices in New Zealand, Australia, the United Kingdom and the United States. Xero's products are based on the software-as-a-service model and sold by subscription, based on the type and number of entities managed by the subscriber. The products are used in over 180 countries.
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MyNetFone Australia Pty Ltd is part of the MNF Group.(ASX: MNF) that owns and operates Australia's largest VoIP network, which is also the 3rd largest interconnected voice network in the country. MyNetFone provides broadband internet and cloud-based communication services to residential, business and government sectors.
Paytm is an Indian multinational financial technology company, that specializes in digital payments and financial services, based in Noida. It was founded in 2010 by Vijay Shekhar Sharma under One97 Communications. The company offers mobile payment services to consumers and enables merchants to receive payments through its QR code, point of sale and online payment gateway offerings. In partnership with financial institutions, Paytm offers financial services such as microloans and buy now, pay later to its consumers and merchants. Apart from bill payments and money transfer, the company also provides ticketing services, retail brokerage products and online games.
Tandem Money is a company that owns Tandem Bank, one of the UK's original challenger banks. Tandem Bank is a digital bank with a mobile app, and no branches.
Pocketbook is a Sydney-based free budget planner and personal finance app launched in 2012. The app helps users setup and manage budgets, track spending and manage bills. Pocketbook is the first personal finance app in Australia to offer users the ability to manage their money through linking their bank accounts. As of 2016 Pocketbook claims to support over 250,000 Australians, in January 2018 that number was 435,000.
Kyckr is a business register to help with know your customer (KYC) processes for anti-money laundering regulations. It was established in Ireland, and was a publicly traded company on the Australian Securities Exchange with operations in Ireland and Australia. The company delisted on 07 November 2022 when it was acquired by RealWise KYK AV Pty Ltd.
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Sean Senvirtne is an Australian businessman. He is the founder and CEO of MyDeal, which is now a subsidiary of Woolworths. In 2022, he sold the majority share of the MyDeal group to Woolworths in a deal worth $280 million. He retained shares in the business, and remained as the Chief Executive of MyDeal.
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