Join our daily newsletter At The Bell to receive exclusive market insights
- Zip Co (Z1P) has partnered with fellow fintech business Propell (PHL) to offer its buy now pay later (BNPL) product on the company’s platform
- This is the first time Propell has offered BNPL on its platform, which offers tailored financial products to small and medium sized businesses
- Under the deal, Zip will fully integrate its payment instalments offering into Propell’s platform so it’s accessible to PHL’s customers
- No financial details about the deal have been released, but PHL says the partnership will enable its customers to improve their cash flow management
- Zip shares are trading up 1.45 per cent at $7.68, while PHL shares have rallied 76.2 per cent at 18.5 cents each
Zip Co (Z1P) has partnered with fellow fintech business Propell (PHL) to offer its buy now pay later (BNPL) product on the company’s platform.
The BNPL provider announced the deal on Thursday, revealing its payment instalment offering would be integrated into the Propell platform.
Propell’s platform essentially offers tailored financial products to small and medium sized businesses, allowing them to better manage cash flow.
PHL’s CEO Michael Davidson said this partnership with Zip will mark the first time its offered BNPL to its customers.
“I am delighted to be announcing our first BNPL product in partnership with Zip which we anticipate will attract new customers to the platform and underpin improved margins in our transactions business,” Mr Davidson said.
Under the deal, Zip will fully integrate its BNPL service into Propell’s cloud-based platform so it’s accessible to all of PHL’s customers.
No financial details about the deal have been released, but Mr Davidson said the partnership will enable customers to improve their cash flow management
“A key focus at Propell is to help our customers to better manage their finances and in particular their cashflow, and the Zip BNPL product will immediately enable these improvements with their up-front payments solution,” Mr Davidson said.
The announcement of the deal has sent both companies share price into the green, with Zip up 1.45 per cent at $7.68, while PHL rallied 76.2 per cent at 18.5 cents each at 11:41 am AEST.
