zipMoney posts strong 1H results

Company News

by Jessica Ellerm


zipMoney Limited (ASX:ZML) has reported revenue growth of 722 per cent for the first half of FY17 compared to the prior corresponding period.

The point-of-sale finance company also reported growth in its receivables portfolio of 115 per cent over the half year, with its book growing from $40.7M at 30 June to just over $87M at 31 December.

Credit performance was in line with company expectations, with the reported arrears rate hitting 1.5 per cent at 31 December.

The company has posted a net loss for the half year, up slightly on 2015’s results, as it contines to invest in its sales efforts and product development.

In other news, zipMoney has secured a new $200M financing arrangement with a major Australian bank to continue to fund its growing loan book.
 

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