Payment solution provider ZipMoney has completed a $40m strategic investment from Australian bank Westpac.
ZipMoney is a digital credit card for online shopping. The client proceeds to the checkout and then fills out an application to get a real-time decision. After approval they pay for the item with the new funds, and pay back the loan in weekly, bi-weekly or monthly instalments.
Following the partnership, Westpac will look to implement ZipMoney’s products to its clients in Australia.
The capital from the investment will be used to accelerate Zip’s growth plans, as well as product and technology development, which includes the enhancement of its data science and decision-making activities.
Westpac executive Gary Thursby said, “Zip’s real-time data analytics and proprietary platform offer customers seamless payment solutions. We look forward to working with Zip to develop these capabilities and offer Westpac customers more choice in the changing payments landscape.”
After the transaction, ZipMoney has agreed to appoint a Westpac nominated non-executive director to its board.
Total capital received by ZipMoney has reached around $421m, with the company picking up $260m from post IPO debt earlier this year.
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