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Sydney fintech ZipMoney just raised $40 million from Westpac

By Administrator | 9 August 2017

ydney fintech startup ZipMoney has landed a $40 million investment from Westpac.

The round, announced on the ASX on Monday morning, includes $40 million cash upfront and a further $8 million in future performance-dependent funding.

ZipMoney’s deal immediately becomes the third largest capital raising in the Australian tech sector this year, behind online conveyancer PEXA’s $64.7 million and Saluda Medical’s $53 million.

Westpac’s investment is the second involvement from a Big Four bank for the payment tech startup, after it revealed a new $260 million debt facility in May that was led by the National Australia Bank.

ZipMoney operates a “buy now, pay later, no interest” service — integrating into online retail stores to reach consumers. Co-founder Peter Gray said in May that NAB’s financial endorsement was a testament to the IP value of the company’s credit and fraud decision technology.

The Westpac deal, according to ZipMoney, would go “both ways” with the fintech gaining access to the bank’s customer base and exploring “the integration of Zip’s products and service across Westpac’s network throughout Australia”. Read more

Tony Yoo - Business Insider Australia -  7 Aug 2017

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