The Team Headed by Larry Diamond, intends to utilize the funds to bolster global expansion in the UK; a move made possible by Zip Co’s $48 million acquisition of New Zealand-based PartPay with operations in the UK, South Africa and the United States.
The Sydney-headquartered company also plans to launch and accelerate the development of Zip Biz, a BNPL alternative for small businesses.
Furthermore, the funds will be used to encourage increased investment in goods and technology, in addition to improving the provider’s balance sheet.
In its AGM presentation, the business noted that the median age of its customers was 34 with an average order value of $217. Around 63 per cent of consumers using Zip is feminine, while the divide between online and offline is 68:32.
Zip Co also made its second acquisition in New Zealand in September using the buy of Spotcap for $8.83 million, and earlier this month it signed Amazon Australia as a new partner.