zipMoney builds its book
A successful rollout of its zipPay retail finance product has given finance company zipMoney a boost to its loan book and revenue.zipMoney grew its loan book to A$40.7 million during the June quarter - an increase of 187 per cent over the previous quarter.This growth generated $2.7 million of revenue, which was 234 per cent higher than the previous quarter.zipPay is a buy now, pay later "no interest" product providing funds of up to $1000 for retail purchases. It operates online and in-store.The company has 2000 merchant locations and about 40,000 customers.In June zipMoney raised $20.6 million of equity, which it said would be used to provide loan book equity capital, fund a proposed acquisition, and fund sales, marketing and technology initiatives.The company, which listed on the Australian Securities Exchange in September last year, is still some way off making a profit. Cash outflow from operating activities during the June quarter was $6.4 million.