Buy now pay later provider Zip released a few 2019/20 highlights in an update yesterday, including strong growth in customer and transaction numbers, and a reduction in arrears.
The company’s full-year revenue rose 91 per cent to A$161 million. Customer numbers grew 63 per cent year-on-year to 2.1 million.
When Zip completes its acquisition of the US BNPL company QuadPay it will have 3.9 million customers.
Transaction value of $571 million in the June quarter was up 62 per cent on the previous corresponding period.
Merchant numbers grew 51 per cent to 24,500 over the year.
On the credit quality side, net bad debts represented 2.2 per cent of receivables at the end of the financial year, while monthly arrears fell from 1.5 per cent in March to 1.3 per cent in June.
The company said it tightened its credit criteria and adjusted limits in March for both new and existing customers.