Zip
Zip is a global Buy Now Pay Later (BNPL) company with operations in Australia, New Zealand and the United States. The Zip digital wallet has two types of interest-free accounts, Zip Pay and Zip Money, providing reusable amounts from $250 up to $30,000 respectively. Zip Plus, on the other hand, offers credit limits from $2,000 to $4,000, with an interest rate of 12.95%p.a. Zip Pay in 4 allows the consumer to split nearly any purchase into 4 installments over 6 weeks.
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With a user share of 21%, Zip Pay is one of the top 5 online payment services in Australia (Statista); with more than three million consumers across Australia and New Zealand.
The total annualized revenue sits at USD $309M+ in 2023. This is made up of their 6M+ US consumer and 24K Merchant base. The AOV is $122.
Zip uniquely serves customers with low to mid-range FICO scores. 86% of their US customers are under a FICO score of 670. This is the group where getting attractive financing rates could be challenging.