Join our daily newsletter At The Bell to receive exclusive market insights
- November was a strong month for Zip Co (Z1P), achieving a record monthly transaction volume of $906.5 million, up 52 per cent compared to this time last year
- Zip Co also hit a record transaction numbers for the month reaching 7.5 million, up 86 per cent
- Zip Business delivered a record transaction volume of $15.2 million, up 44 per cent on the previous month, likely buoyed by Black Friday and Cyber Monday shopping holidays
- Based on November, transaction volumes are now annualising at over $10 billion
- On the market, Zip Co is up 8.18 per cent and trading at $4.70 per share
November was a strong month for Zip Co (Z1P), achieving a record monthly transaction volume of $906.5 million, up 52 per cent compared to this time last year.
Based on November, transaction volumes are now annualising at over $10 billion. Zip Co also hit record transaction numbers for the month, reaching 7.5 million, up 86 per cent.
Zip Business delivered a record transaction volume of $15.2 million, up 44 per cent on the previous month, likely buoyed by Black Friday and Cyber Monday shopping holidays.
Customer numbers increased 71 per cent year-on-year to 9.2 million.
Over the month, the buy now, pay later group completed its $116 million buyout of Czechia-based fintech Twisto Payments.
This deal gives Zip access to all 27 member states of the European Union through Twisto’s existing European Payment Institution licence.
ZIP also said it has expanded its brand awareness in the US, which is now at “higher levels” than before the rebrand.
Managing Director and Global CEO Larry Diamond is pleased with the month of November.
“November was a very strong month for the Company, and shows the tremendous growth achieved since this time last year with many markets processing BNPL payments for the first time – the Company is now processing annualised volume of more than $10 billion, he said.
“Management and the Board would also like to acknowledge the significant volatility in equity markets, the impact to technology and fintech valuations and is taking this very seriously. We enter CY2022 with strong momentum, in a solid financial position, with continued focus on execution, unit economics and global synergies.”
On the market, Zip Co was up 8.18 per cent and is trading at $4.70 per share at 11:20 am AEDT.
