ZipMoney lands largest debt facility in Australian fintech history with $260 million led by NAB
Summary
Sydney company ZipMoney has secured a $260 million debt facility led by the National Australia Bank, in what the startup claims is the largest such deal in Australian fintech history. The startup operates a “buy now, pay later, with no interest” service — integrating into online retail stores to reach consumers — meaning a large cash reserve is imperative. ZipMoney co-founder and chief operating officer Peter Gray said that passing the due diligence process with NAB was a testament to the IP value of the startup’s credit and fraud decision technology. “NAB embraced the process and demonstrated a superior understanding of Australian fintech, in particular Zip’s unique customer value proposition.” The latest facility follows ZipMoney’s $100 million loan in 2015 from US asset manager Victory Park Capital. NAB head of securitisation origination Sarah Samson added that she was impressed by ZipMoney’s “core technology platform, advanced underwriting processes and strong leadership team”.