Buy now, pay later giant Zip Co (ASX:Z1P)
has reported strong momentum in November, achieving a monthly transaction volume of $906.5 million, up 52 per cent year-on-year.
Based on November, transaction volumes are now annualising at over $10 billion. Zip Co also hit transaction numbers for the month of $7.5 million, up 86 per cent year-on-year.
Zip Business delivered transaction volume of $15.2 million, up 44 per cent amid Black Friday and Cyber Monday sales. Customer numbers increased 71 per cent year-on-year to $9.2 million.
Over the month, Zip completed the acquisition of Czechia-based fintech Twisto Payments, providing a passport for European expansion. Zip also said it expanded its brand awareness in the US, which is now at “higher levels” than before the rebrand.
“November was a very strong month for the Company, and shows the tremendous growth achieved since this time last year with many markets processing BNPL payments for the first time – the company is now processing annualised volume of more than $10b," said CEO Larry Diamond.
"Zip now has one of the largest BNPL footprints geographically with the aim of servicing its global merchants and partners in a simple and easy format."
Shares in Zip Co (ASX:Z1P)
are trading 7.8 per cent higher at $4.68.