Shares of Australia s Zip Co Ltd
jumped nearly 17% on Tuesday after the
buy-now-pay-later company returned to profitability
earlier than projected in the first quarter of fiscal 2024 as
domestic.
The country's biggest standalone buy-now-pay-later (BNPL) provider said Australia's June-quarter net bad debts, which are written off as a percentage of the total transaction value (TTV), came in at 3.1% - its highest value since the first quarter of 2022. BNPL companies typically offer on-the-spot interest-free short-term loans with minimal credit checks that spread payments over weeks or months, and are largely used by cash-strapped people taking debt, sometimes more than they can afford. "Zip AU experienced net bad debts . reflecting a combination of controlled TTV, seasonality, increasing softness in the external environment impacting consumer credit more broadly . Zip AU has again adjusted settings and implemented initiatives in response to current market conditions," the company said in a statement.
(Reuters) - Australia's Zip Co Ltd said on Thursday it faced a jump in bad debts at home grounds, its biggest market by revenue, during the March-June.
Zip in April flagged plans to expand into Asia Company had raised an extra A$400 million in April (Adds background, details on recent capital raise)
May 24 (Reuters) - Australia’s Zip Co Ltd said on Monday it fully acquired a buy-now-pay-later (BNPL) company each in Europe and the Middle East for a total of A$160 million ($123.65 million) as it looks to expand its global presence in a rapidly growing industry.
The deals come about five months after Australia’s No.2 BNPL player raised money to buy stakes in Czech Republic-based Twisto and the United Arab Emirates-based Spotii.
A surge in online shopping during the COVID-19 pandemic and the growing appetite for instalment payments have led BNPL firms to explore newer markets to stay ahead of each other as well as traditional financial firms such as PayPal Holdings.
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