zipMoney buys finance software company for $6M

Company News

by David Chau

Digital payments company, zipMoney Ltd (ASX:ZML), has completed its acquisition of Pocketbook Holdings Pty Ltd, a company which manufactures personal finance management software.

The upfront consideration was $6 million, plus deferred consideration of up to an additional $1.5 million – which is subject to certain performance milestones being achieved.

Pocketbook helps consumers by providing a holistic understanding of their financial profile, as well as helping them to manage their bills, spending and savings.

zipMoney says this acquisition will significantly increase its user base and expand its product offering into “direct to consumer” financial services.

zipMoney reported a net loss of $7.1 million at 30 June 2016.

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