- Afterpay rival Zip Co (Z1P) has reflected on a record month for its acquisition target QuadPay
- In July, QuadPay delivered record 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
- The company also added 133,000 customers in July and broke the two million customer milestone in August
- QuadPay has also partnered with multiple Internet Retail 100 merchants, comprising over US$3 billion (around A$4 billion) in online volumes
- Zip Co now plans to purchase the remaining shares in QuadPay, with a shareholder vote set for next Monday, August 31
- Zip is up 7.89 per cent on the market and shares are trading for $7.11 per share
Afterpay rival Zip Co (Z1P) has reflected on a record month for its acquisition target QuadPay
In June, Zip Co announced it would purchase the remaining shares in New York-based buy now, pay later (BNPL) company, QuadPay, in a deal worth $403 million.
However, this deal still needs shareholder approval, with a shareholder vote set for next Monday, August 31.
QuadPay’s record month
In July, QuadPay recorded a record 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.
The company also added 133,000 customers in July and broke the two million customer milestone in August. It secured a debt facility of up to US$200 million (nearly A$279 million) provided by Goldman Sachs and Oaktree.
QuadPay has also partnered with multiple Internet Retail 100 merchants, comprising over US$3 billion (around A$4 billion) in online volumes.
“The momentum we are starting to see is a testament to our product and technology capabilities which are being recognized as market-leading. QuadPay is the easiest platform for enterprise merchants to integrate with, both online and in-store,” QuadPay Co-CEO Brad Lindenberg said.
“With less than 15 per cent of the Internet Retail 1000 offering interest-free BNPL service, we look forward to joining forces with Zip and rapidly accelerating our growth in the market,” he added.
Zip is up 7.89 per cent on the market this morning and is trading for $7.11 per share at 11:34 am AEST.