Zip CO (ASx:Z1P) - CEO, Larry Diamond (front))
CEO, Larry Diamond (front))
Source: Retailbiz
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Zip Co (Z1P) has completed the purchase of QuadPay, a leading high growth buy now, pay later (BNPL) player in the United States
  • In June, the company announced it was going to purchase QuadPay for $403 million
  • CEO and co-founder, Larry Diamond, is pleased to welcome QuadPay to the Zip family
  • Additionally, the company completed the issue of $2 million convertible notes and warrants to CVI Investments
  • Zip is down 6.55 per cent on the market today and is trading for $8.56 per share

Zip Co (Z1P) has completed the purchase of QuadPay, a leading high growth buy now, pay later (BNPL) player in the United States.

Quadpay allows customers to pay in four interest-free instalments over six weeks, online and instore.

In early June, Zip announced it would purchase the New York-based company in a script deal worth $403 million.

In August, the company reported a record month for QuadPay as it delivered monthly transaction volume in excess of US$70 million (approximately A$97 million) — a 30 per cent increase on the June average and a 600 per cent on July 2019 figures.

CEO and co-founder, Larry Diamond, is pleased to welcome QuadPay to the Zip family.

“The U.S. is a critical part of our global strategy as merchants increasingly demand global payment solutions,” he said.

“QuadPauy business has continued to deliver strong results, driven by the flight to online and a move away from the outdated and unfair credit card,” he added.

Additionally, the company also completed the issuance of $100 million in convertible notes and up to $100 million of warrants to CVI Investments to drive global growth.

CVI Investments is part of the U.S. based Susquehanna International Group.

“We are also delighted to welcome Susquehanna Investments Group onto the register and thank them for their support as we turbocharger our growth into new products and geographies,” Larry told the market today.

Zip is down 6.55 per cent on the market today and is trading for $8.56 per share at 10:42 am AEST.

Z1P by the numbers
More From The Market Online
An image of the capital city of Malaysia taken from a distance with two large towers identical in height standing in front of a green park space

Raiz to exit Malaysia; focus on Australian business growth

ASX-listed microcap fintech and investment app developer Raiz has announced it will quit operating in Malaysia.

ANZ deal to buy Suncorp to go ahead following approval from Treasurer

Suncorp Group Ltd is set to be acquired by one of Australia's biggest banks, ANZ, following…

First ASX Bitcoin ETF dips below listing price as BTC falls -8%; but YoY growth strong

While Guzman Y Gomez listing on the ASX was the biggest event of last week, it…