Zip Co, a frontrunner in digital finance, has unveiled its strategic alliance with Primer, a global authority in unified payment and commerce infrastructure. The collaboration aims to intensify Zip’s market penetration in the US.
The partnership seeks to expand and optimise Zip’s payment stack, leveraging the vast potential of the US market.
Zip Co, listed on ASX, is a premier global financial services entity. With its primary objective being the preferred payment choice universally, Zip presents point-of-sale credit and digital payment services globally. They bridge millions of customers with a vast network of merchants, offering transparent, flexible, and fair payment solutions.
Primer stands out as a unifying force in payment and commerce solutions. They offer businesses a unique blend of payment recovery, insights tools, and success modules, giving them unparalleled visibility and adaptability throughout their payment cycle.
Through this partnership, Zip aims to widen the distribution of its BNPL offering, with WebBank as the lender. Furthermore, Primer plans to integrate Zip as a viable payment alternative. This initiative will empower merchants from sectors such as retail, fashion, travel, and mobility to effortlessly incorporate Zip into their payment methods.
Recent data highlights Zip’s impressive growth, with a record transaction volume of $8.9bn, marking a 7.0% increase YoY. The group revenue stood at $693.2m, seeing a 16.1% YoY growth. Additionally, Zip concluded FY23 in the US with a sustainable positive cash EBTDA.
Primer Co-Founder Gabriel Le Roux remarked: “We’re thrilled to be the infrastructure of choice for Zip. While delivering localised payments expertise, optimisation features and insights, we’re supporting companies like Zip to optimise payment costs and capture untapped revenue opportunities.
“Similarly to Zip, the U.S. is a strategic market for Primer, where we have seen significant growth, forecasting a striking 30-fold increase in payment volume in 2023. We eagerly look forward to this collaboration and assisting Zip in achieving their North American market ambitions.”
Zip Co-Founder and US CEO Larry Diamond commented: “With an $11trn total addressable market in the U.S., BNPL services account for just 2% of all payments. Our collaboration with Primer not only boosts Zip’s growth path but also equips us to harness this immense market potential sustainably and at scale.”
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