Westpac invests $40 million in buy now, pay later payment service zipMoney
Summary
Gary Thursby, Westpac Group Executive, Strategy and Enterprise Services, said the bank is excited to be working with a company with a “strong vision” for the future of payments in Australia. CEO and managing director of zipMoney, Larry Diamond added the strategic investment from Westpac is a “truly transformational” moment for the company. “It is a serious validation of the success of the Zip platform and offering, and the strategic relationship arrangements will deliver a significant opportunity to further accelerate the growth of our merchant network and origination volumes,” he said. The investment comes after a big few months for the company, which secured a $260 million debt facility led by National Australia Bank in May. zipMoney said at the time that the acquisition supported its vision to “create a new financial services model that is built around honesty, visibility, and empowering consumers to make better financial decisions, improving their lifestyle.” This is the latest strategic investment into a fintech from Westpac itself, which invested $16.5 million into online home loan platform Uno last September.