Total
0
Shares
Zip Co (ASX:Z1P) reports on record month for QuadPay
Source: Retailbiz
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • 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"QuadPauy business has continued to deliver strong results, driven by the flight to online and a move away from the outdated and unfair credit card," he added.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 Herald
Enegex (ASX:ENX) eyes $1.2M in exploration funding for South West Terrane

" Fat Prophets Global Contrarian Fund (ASX:FPC) launches fresh share purchase plan

Fat Prophets Global Contrarian Fund (FPC) is tapping existing shareholders for some fresh funding through an upcoming share purchase plan.
Vitalharvest Freehold Trust (ASX:VTH) - Executive Chairman, John Bond - The Market Herald

" Vitalharvest (ASX:VTH) bides time while assessing rival proposals

Agricultural real estate investment trust Vitalharvest Freehold Trust (VTH) has received a non-binding proposal from Roc Private Equity.
A1 Investments & Resources (ASX:AYI) updates market on sea cucumber shipments

" A1 Investments & Resources (ASX:AYI) updates market on sea cucumber shipments

A1 Investments & Resources (AYI) has announced that its first shipment of Peruvian dried sea cucumbers has arrived in Japan.
Credit Intelligence (ASX:CI1) - Chairman, Jimmie Wong - The Market Herald

" Credit Intelligence (ASX:CI1) plans $6M raise for global expansion

Credit Intelligence (CI1) has received firm commitments from Clee Capital to raise $6 million in proceeds.