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  • Kmart and Zip Co to set to partner, offering Zip Co’s technology to Kmart customers
  • This service will provide with easier, faster and more reliable ways to pay for products both in store and online
  • Zip Co’s shares rose seven per cent after this was announced

Zip Co has announced a partnership with Kmart Australia to offer Kmart customers Zip free payments.

Zip provides a variety of integrated retail finance solutions to small, medium and entrepreneurial businesses both online and in store. Zip offers a cloud-based platform which uses its technology and data to enhance the fundamentals of promotional finance.

If offers point-of-sale credit and digital payment services in the retail, travel, education and health sectors while focusing on offering transparent, responsible and reasonably priced consumer products.

It is hoped this will make shopping more accessible to more people and will give customers more flexibility and convenience when shopping online.

This partnership continues Zip’s vision of partnering with large Australian retailers and providing customers with a choice in payments.

“We are delighted to partner with another truly significant Australian brand in Kmart. We believe Zip will be a great fit for Kmart, providing their customers with a better way to pay for their everyday products and purchases,” Zip CEO Larry Diamond said.

This is the second deal Zip Co has made with a major retail chain owned by Wesfarmers, reaching a similar agreement with Target in September last year.

As a result of this partnership Zip Co’s shares rose seven percent to an all time high of $3.93 and today’s gain has seen Zip Co’s share price risen 257 percent since the start of the year.

The company has reported revenue of $23 million in the March quarter as customer numbers rose to 1.2 million.

It is believed that Zip will be available to Kmart customers by the end of May 2019.

Please find announcement here

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