By Reuters Staff
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April 14 (Reuters) - Australian buy-now-pay-later (BNPL) firm Zip Co said on Wednesday it will raise A$400 million ($307.48 million) through senior unsecured convertible notes to fund its growth and expansion plans.
On Tuesday, the BNPL firm reported a record quarterly earnings and unveiled plans to expand into Canada and Southeast Asia.
“The additional capital from this offering will support the active pursuit of both core and international growth opportunities,” Chief Operating Officer Peter Gray said in a statement.
BNPL firms, which allow users to pay for their purchases over several installments, have seen a boom in transaction volumes and active customers as the pandemic changed consumer behaviour drastically, moving more towards the online space.
Picked up stake in Philippine BNPL in third quarter Made soft launch in Canada in third quarter
April 13 (Reuters) - Australian buy-now-pay-later (BNPL) firm Zip Co Ltd on Tuesday posted record revenue, transaction volumes and customer growth in the third quarter and unveiled plans to expand into Canada and Southeast Asia, sending its shares soaring over 11%.
The strong performance was driven by growth at Quadpay, its U.S. unit, where customers, volumes and revenue grew in triple digits as competition with larger rivals Afterpay, Klarna and Affirm in the world’s top economy heats up.
Zip, which has been beefing up its international presence to better compete, picked up a strategic stake in Philippine firm TendoPay and made a soft launch in Canada during the quarter.