Zip Co Limited previously known as ZipMoney Limited is an Australian public limited financial technology company. The company was founded in 2013 and is headquartered in Sydney. It currently has around 24,500 retail partners and over 2,100,000 customers in Australia.
History
The company was founded by Larry Diamond and Peter Gray in 2013 as Zip Money, and offered an interest free finance product of the same name. The organisation soon launched a second product, Zip Pay, to cater for everyday purchases, including retail and health. In 2015, Zip was listed on the Australian Securities Exchange as zipMoney Limited and to date has raised more than $65 million in funding. In 2016, Zip acquired Pocketbook, one of the most popular finance apps in Australia. In 2017, Zip secured a $260 million debt facility with $200 million in funding from National Australia Bank, and a $40 million equity investment from Westpac Bank. Zip was also ranked #7 on Deloitte’s TechnologyFast 500 APAC. In December 2017, the company changed its name from ‘ZipMoney Limited’ to ‘Zip Co Limited’, Zip Pay now known simply as Zip and in January 2018, the ASX ticker code was changed from ‘ZML’ to ‘Z1P’. In August 2018, the Zip app was launched in the Google Play Store. In August 2019, Zip Co acquired 100% of the shares in PartPay Limited which it hopes will give it an entry into the UK market. In September 2019, Zip Co acquired SpotCap ANZ to enter the "buy now, pay later" lending and market. In December 2019, Zip Co announced that it has received firm commitments to raise $60 million before costs via a placement of 16,216,216 ordinary shares to fund its global expansion.
Service overview
The Zip digital wallet has two types of interest free accounts, Zip Pay and Zip Money. These accounts can be used with retail partners online and instore anywhere Zip is accepted. The company is also owner and developer of freeware app Pocketbook, which is one of Australia’s largest non-bank financial apps.
Zip Pay
Zip Pay is a digital wallet that allows customers to purchase immediately and pay later, both in store and online. It provides an interest-free service until the end of each month leaving a $6 fee, if the amount isn't paid by the due date. Accounts are available from $250 up to $1,500. At the beginning of each month, customers are sent a summary of what they have spent and what they have paid for the month. They are then given the opportunity to pay it off in full or pay it off for a minimum of $40 a month. Those with an $1500 account have to pay a minimum of $80 a month.
Zip Money
Zip Money is also a digital wallet allowing customers to purchase immediately and pay later, both in store and online. It provides 6 months interest free service, providing a reusable amount of up to $30,000.
Pocketbook
is a freeware budget planner and personal finance app launched in 2012 and acquired by Zip in 2016. Users can set up and manage budgets, track spending and manage bills with this app. Pocketbook is the first personal finance app in Australia to offer users the ability to manage their money through linking their bank accounts. As of 2016 Pocketbook claims to support over 250,000 Australians, In January 2018, that number was 435,000.
